Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

Free Trading Guides
Please try again

Live Webinar Events


Economic Calendar Events


Notify me about

Live Webinar Events
Economic Calendar Events






More View More
Gold, Crude Oil Prices Mark Time Before Trump Inauguration

Gold, Crude Oil Prices Mark Time Before Trump Inauguration

Talking Points:

  • Commodities mark time as all eyes turn to Trump inauguration
  • Gold prices may be topping but follow-through is yet to appear
  • Bearish crude oil price setup waiting for clear-cut confirmation

A lull in top-tier event risk left gold and crude oil prices rudderless over the past 24 hours. The spotlight now turns to the inauguration of US President-elect Donald Trump and any policy-specific comments that he might make in the accompanying speech.

An uncertain US fiscal outlook continues to bedevil investors attempting to nail down baseline growth and inflation expectations for the year ahead. Tellingly, the S&P 500 stock index – a benchmark for overall market sentiment trends – has gone virtually nowhere since mid-December.

With this in mind, traders will probably hold off on firm directional bets at least until the incoming President has spoken. The absence of concrete policy details in Mr Trump’s remarks has dented risk appetite before and may do so again, but markets may opt to digest whatever is said over the weekend before reacting.

Where will markets go in the months after the Trump inauguration? See our Q1 forecasts here !

GOLD TECHNICAL ANALYSISGold prices have barely budged since putting in a bearish Dark Cloud Cover candlestick pattern but the setup’s topping implications remain intact. A daily close below 1199.80 exposes the 14.6% Fibonacci expansion at 1182.06. Alternatively, a move above the 38.2% Fib retracement at 1219.20 sees the next upside barrier in the 1248.98-50.65 area (50% level, June 24 low).

CRUDE OIL TECHNICAL ANALYSISCrude oil prices continue to trace out the makings of a Head and Shoulders topping pattern. Confirmation of the setup calls for a close below the 50.25-69 area (38.2% Fibonacci retracement, January 10 low). Beyond that, the next support level comes in at 48.72, 50% level. Alternatively, a rebound back above 52.44 exposes the 23.6% Fib expansion at 53.75.

--- Written by Ilya Spivak, Currency Strategist for

To receive Ilya's analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

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