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Talking Points:

  • Gold prices breach June high, fall short of convincing breakout
  • Crude oil prices may extend bounce on weekly inventory figures
  • S&P 500 futures hint at consolidation as US jobs report looms

Crude oil prices recovered and gold prices retreated from session highs yesterday after a better-than-expected US ISM Non-manufacturing survey bolstered market-wide risk appetite. Looking ahead, a relatively quiet day on the economic data docket may make for a consolidative tone as investors look ahead to Friday’s US jobs report. Indeed, S&P 500 futures are trading flat ahead of the opening bell on Wall Street, signaling a neutral posture on sentiment trends.

The weekly EIA inventories report is expected to show crude oil stockpiles were drawn down by 2.08 million barrels. Private-sector estimates released by API point to a larger 6.7 million barrel reduction, which may offer a further lift to the WTI contract. Lasting follow-through seems unlikely without support from risk appetite however.

Track pivotal short-term gold and crude oil technical patterns with the GSI indicator!

GOLD TECHNICAL ANALYSISGold prices edged past June’s swing high but fell short of clearing the 100% Fibonacci expansion at 1366.04. From here, a daily close above this barrier targets the 123.6% level at 1393.40. Alternatively, a move below the 76.4% Fib at 1338.68 exposes the 61.8% expansion at 1321.75.

Gold Prices Top June High But Fall Short of Convincing Breakout

CRUDE OIL TECHNICAL ANALYSISCrude oil prices managed to hold up at familiar range support once again. From here, a daily close below 45.60, the 23.6% Fibonacci retracement, exposes the 38.2% level at 41.86. Alternatively, a breach of trend line resistance at 49.09 targets the 23.6% Fib expansionat 51.86.

Gold Prices Top June High But Fall Short of Convincing Breakout

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

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