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Crude Oil Prices Rebound After Plunge, Gold Looks Ahead to FOMC

Crude Oil Prices Rebound After Plunge, Gold Looks Ahead to FOMC

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Crude oil prices retracing losses after sharp EIA-inspired breakdown
  • Gold prices shrug off November’s mixed set of US employment figures
  • FOMC in focus from here but OAPEC, US fiscal policy bear watching

Crude oil prices continued to correct higher Friday having plunged following a worrying set of inventory flow statistics. The calendar is light on relevant event risk in the near-term, suggesting that a consolidative tone may persist for now. Traders would be wise to keep an eye on headlines emerging from a meeting of the Organization of Arab Petroleum Exporting Countries (OAPEC) in Kuwait however.

Gold prices marked time – echoing a similarly indecisive performance from the US Dollar – following the release of a mixed set of US labor-market statistics. Directional commitment seems unlikely to re-emerge before the upcoming FOMC policy announcement but headlines shaping the likely impact of fiscal policy on next year’s rate hike cycle emerging out of Washington DC ought to be kept in mind.

Retail traders are betting gold will rise. Find out here what this hints about on-coming price moves!

GOLD TECHNICAL ANALYSISGold prices are digesting losses after sinking to the lowest level in over four months. From here, a daily close below the 61.8% Fibonacci expansionat 1246.28 paves the way for a test of the 76.4% level at 1232.16. Alternatively, a turn back above support-turned-resistance marked by the October 6 lowat 1260.80 opens the door for another challenge of the 38.2% Fib at 1269.10.

Crude Oil Prices Rebound After Plunge, Gold Looks Ahead to FOMC

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSISCrude oil prices paused to consolidate after breaking a rising trend line guiding them higher since early October. Key support remains at 55.04 (38.2% Fibonacci retracement, trend line from late August), with a daily close under that exposing the 50% level at 54.08. Near-term resistance is in the 58.50-59.05 area (trend line support-turned-resistance, November 24 high).

Crude Oil Prices Rebound After Plunge, Gold Looks Ahead to FOMC

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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