Gold Prices Vulnerable to Deeper Losses on US GDP Data

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GOLD TECHNICAL ANALYSIS – Gold prices broke support at 1269.10, the 38.2% Fibonacci expansion, exposing the 50% level at 1257.69. A further push below that targets the 61.8% barrier at 1246.28. Alternatively, a move back above 1269.10 sees the next upside barrier marked by a falling trend line at 1278.84, followed by the October 20 high at 1291.06.

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices are pushing up against resistance in the 52.86-53.23 area (September 28 high, 38.2% Fibonacci expansion), with a daily close above that exposing the 50% level at 54.51. Alternatively, a reversal below rising trend line support at 50.96 opens the door for a challenge of the October 6 low at 51.05.

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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