Gold Prices Rise as Senate Tax Plan Leaves Markets Disappointed

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GOLD TECHNICAL ANALYSIS – Gold prices are carving out a Triangle pattern, a setup typically indicative of trend continuation. This carries bearish implications in this case, although confirmation of the setup remains absent without a clear break below the pattern’s lower bound (now at 1270.14). That would open the door for a test of the October 6 low at 1260.80. Alternatively, a push above Triangle resistance at 1295.80 initially exposes the October 16 high at 1306.04.

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices remain stuck below resistance at 57.57, the 38.2% Fibonacci expansion. A daily close above that targets the 50% level at 58.71. Alternatively, a reversal back below the 23.6% Fib at 56.17 exposes resistance-turned-support at 55.24, the January 3 high.

Chart created using TradingView

— Written by Ilya Spivak, Currency Strategist for DailyFX.com

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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