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Gold prices continued to mark time Friday, torn between conflicting cues from rising Treasury bond yields and a retreating US Dollar. The former undermined the appeal of non-interest-bearing assets and pressured the yellow metal lower while the latter bolstered demand for anti-fiat alternatives, offering it support.

Crude oil prices edged lower, oscillating within a range that prevailed for all of last week as traders weighed up prospects for an easing of output curbs adopted by OPEC-led producers to drain a global supply glut. Saudi Arabia and Russia appear in favor, but other top exporters – such as Iraq – stand in opposition.


Looking ahead, S&P 500 futures are pointing to a somewhat risk-off tone. This might boost haven demand for the greenback and Treasury bonds alike, weighing on yields and keeping gold prices anchored. Sentiment-sensitive oil prices edge down alongside stocks but substantive follow-through seems unlikely until after the outcome of Tuesday’s meeting between US President Trump and North Korea’s Kim Jong Un.

Learn what other traders’ gold buy/sell decisions say about the price trend!


Gold prices continue to drift along the lower boundary of support defining the uptrend started in December 2016, now at 1294.38. A daily close below that exposes the May 21 low at 1282.27, followed by support in the 1260.80-66.44 area. Alternatively, a move above the upper layer of trend support at 1311.75 targets the chart inflection point at 1311.34.

Gold price chart - daily


Crude oil prices continue to negotiate support defining the rising trend in play since June 2017. A break of this barrier’s lower boundary, now at 64.97, initially exposes the April 6 low 61.84. Alternatively, a reversal above resistance in the 66.22-67.36 area opens the door for a challenge of the 68.64-69.53 region.

Crude oil price chart - daily


--- Written by Ilya Spivak, Currency Strategist for

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