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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Crude Oil, Gold Prices Positioned for Weakness Into Holiday Lull

Crude Oil, Gold Prices Positioned for Weakness Into Holiday Lull

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Crude oil, gold prices mark time as liquidity ebbs into holiday lull
  • Technical positioning hints at weakness when participation returns
  • Weekend news-flow, US data anticipation may translate into gaps

Commodity prices marked time as investors settled in for market closures in observance of the Good Friday holiday. Australia, Hong Kong and most of Europe’s largest exchanges remain closed through Monday, making for thin liquidity.

While that might delay any significant trend development until Tuesday, traders would be wise to keep an eye on weekend news-flow for the possibility of gapping when participation levels begin to rebuild. Pre-positioning for top tier US data including ISM and payrolls releases may also front-load volatility.

See our free guide to learn what are the long-term forces driving crude oil prices!


Gold prices paused to digest losses having dropped after producing a Bearish Engulfing candlestick pattern, as expected. A daily close below the 50% Fibonacci expansion at 1325.29 sees the next downside barrier at 1317.84, the 61.8% level. Alternatively, a turn back above the 38.2% Fib at 1332.73 exposes the 23.6% expansion at 1341.94 anew.

Crude Oil, Gold Prices Positioned for Weakness Into Holiday Lull


Crude oil prices are stalling at chart support but a bearish Evening Star candlestick pattern continues to hit a double top is in place. Breaching the 23.6%Fibonacci expansion at 63.90 on a daily closing basis exposes channel floor support at 61.23. Alternatively, turn above resistance in the 66.63-67.49 area (January 25 high, 38.2% level) targets the 50% Fib at 70.38.

Crude Oil, Gold Prices Positioned for Weakness Into Holiday Lull


--- Written by Ilya Spivak, Currency Strategist for

To contact Ilya, use the comments section below or @IlyaSpivak on Twitter

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

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