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Gold Prices May Continue Higher as Yields Fall in Risk-Off Trade

Gold Prices May Continue Higher as Yields Fall in Risk-Off Trade

Ilya Spivak, Head Strategist, APAC

GOLD & CRUDE OIL TALKING POINTS:

  • Gold prices rise as yields drop amid broad-based risk aversion
  • Crude oil prices whipsaw higher on comments from IEA’s Birol
  • S&P 500 futures hint at risk-off mood ahead, API data on tap

Gold prices rose as bond yields declined amid risk aversion, boosting the relative appeal of non-interest-bearing alternatives. Crude oil prices probed lower alongside equities but the move reversed course midday after IEA Executive Director Fatih Birol opined that spare production capacity in Saudi Arabia is “very thin”, implying relatively little scope for boosting supply.

GOLD MAY RISE IN RISK-OFF TRADE, CRUDE OIL EYES API DATA

Looking ahead, sentiment may remain in focus for gold prices. S&P 500 futures are pointing to another risk-off day ahead, which may continue to offer a degree of support as yields retreat. Crude oil is eyeing API inventory flow data in the meanwhile. The outcome will be judged against forecasts calling for a 2.5 million barrel build expected to be revealed in official EIA statistics Wednesday.

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

GOLD TECHNICAL ANALYSIS

Gold prices continue to edge higher after reclaiming a foothold above the 1211.05-14.30 area. Resistance is now in the 1260.80-66.44, with a daily close above that targeting the 1260.80-66.44 region. Alternatively, a reversal back below 1211.05 aims for trend line support at the $1200/oz figure.

Gold price chart - daily

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices are inching upward en route to a resistance cluster capped at the $60/bbl figure. A daily close above that opens the door for a test of 61.84. Alternatively, a reversal through support in the 54.48-55.21 area exposes the 52.34-83 zone next.

Crude oil price chart - daily

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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