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Gold, Crude Oil Price Gains Fail to Breach Key Chart Barriers

Gold, Crude Oil Price Gains Fail to Breach Key Chart Barriers

2018-11-22 07:30:00
Ilya Spivak, Head Strategist, APAC
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GOLD & CRUDE OIL TALKING POINTS:

Commodity prices were in corrective mode yesterday after the prior session’s fireworks. Gold prices edged higher as the US Dollar retraced some of Tuesday’s gains while a cautious improvement in risk appetite helped buoy sentiment-sensitive crude oil prices. They rose alongside the bellwether S&P 500 index, seemingly ignoring EIA inventory data showing an unexpectedly large 4.85 million barrel build last week.

Looking ahead, the closure of US financial markets for the Thanksgiving holiday is likely to drain liquidity and dampen price action. Thin trading conditions might amplify kneejerk volatility in the event that a particularly potent bit of news hits the newswires unexpectedly. Market participants would be wise to question scope for follow-through on any such moves before participation levels rebuild.

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

GOLD TECHNICAL ANALYSIS

Gold prices are testing a downward-sloping resistance line at 1227.09, with a daily close above that opening the door for a test of the 1235.24-41.64 area. Alternatively, a move below the chart inflection area in the 12.11.05-14.30 zone exposes counter-trend support at 1200.42. A breach of this level may mark resumption of the longer-term decline started in mid-April.

Gold price chart - daily

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices retested but conspicuously failed to close above support-turned-resistance in the 54.48-55.21 area. From here, a turn lower that breaches below the 52.34-83 zone paves the way to challenge the October 2017 low at 49.16. Alternatively, a daily close above 55.21 targets the February 9 low at 58.11.

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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