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Gold, Crude Oil Prices Diverge as Market Mood Sours After G20

Gold, Crude Oil Prices Diverge as Market Mood Sours After G20

2018-07-23 04:30:00
Ilya Spivak, Head Strategist, APAC
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GOLD & CRUDE OIL TALKING POINTS:

  • Gold prices rise as bond yields fall amid post-G20 risk aversion
  • Crude oil prices lower, echoing weakness in most APAC shares
  • Stock index futures hint risk-off mood set to find follow-through

Gold prices posted the largest daily gain in three weeks as the US Dollar plunged, boosting the appeal of anti-fiat alternatives epitomized by the yellow metal. The benchmark currency succumbed to two days of jawboning from US President Donald Trump. Crude oil prices marked time, echoing a consolidative tone in broader sentiment ahead of the G20 finance ministers’ meeting in Argentina.

GOLD, CRUDE OIL DIVERGE AS MARKET MOOD SOURS AFTER G20

The post-meeting communique highlighted a litany of widely held concerns but offered no clear path to their resolution, souring investors’ mood. A drop in bond yields against this backdrop gave further support to gold prices. Another leg lower for the US Dollar as Asia Pacific markets took their turn onboarding Friday’s news flow helped as well. Risk-geared oil prices echoed weakness across most regional stock exchanges.

From here, futures tracking the FTSE 100 and S&P 500 equity benchmarks are pointing conspicuously lower, hinting the risk-off mood is likely to carry forward was London and New York come online. The economic calendar is relatively lackluster, offering little that might derail established momentum. The absence of a discrete catalyst might make for greater headline sensitivity however, translating into kneejerk volatility.

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

GOLD TECHNICAL ANALYSIS

Gold prices corrected higher after testing support marked by the 38.2% Fibonacci expansion at 1217.29. A daily close back above support-turned-resistance at 1236.66 opens the door for a retest of the 1260.80-66.44 area. Alternatively, a reversal lower that breaches below the 38.2% level exposes the 50% Fib at 1202.28.

Gold, Crude Oil Prices Diverge as Market Mood Sours After G20

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices remain noncommittal near trend support guiding gains since early February, now at 66.07. Breaking below that on a daily closing basis initially targets the 63.96-64.26 area. Alternatively, a convincing rebound above the 68.74-69.53 zone paves the way for a test back above $72/bbl figure.

Gold, Crude Oil Prices Diverge as Market Mood Sours After G20

COMMODITY TRADING RESOURCES

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

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

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

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