Gold Prices Still at the Mercy of US Tax Cut Prospects

What are the forces driving long-term crude oil price trends? Find out here!

GOLD TECHNICAL ANALYSIS – Gold prices continue to struggle for direction in a narrow range. A daily close above the 23.6% Fibonacci expansion at 1283.22 exposes the 14.6% level at 1291.92. Alternatively, a reversal below the 1266.16-69.10 area (trend line, 38.2% Fib) targets the 50% expansion at 1257.69.

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices paused to digest gains after testing resistance at 57.57, the 38.2% Fibonacci expansion. A daily close above this barrier opens the door for a challenge of the 50% level at 58.71. Alternatively, a reversal below the 23.6% Fib at 56.17 paves the way for a retest of resistance-turned-support at 55.24, the January 3 high.

Chart created using TradingView

— Written by Ilya Spivak, Currency Strategist for

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