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Crude Oil Price Chart Hints at Bounce Ahead of Key G20 Summit

Crude Oil Price Chart Hints at Bounce Ahead of Key G20 Summit

Ilya Spivak, Head Strategist, APAC

CRUDE OIL & GOLD TALKING POINTS:

  • Crude oil price chart hints at rebound before G20 summit
  • Gold prices at risk if US/China de-escalation boosts yields
  • OPEC+ output cuts may be offset by US production swell

Crude oil prices rose following Reuters reports suggesting Russia is becoming convinced of the need to join another OPEC-led coordinated output cut effort. The news agency cited unnamed sources as saying that Moscow a deal may be unveiled at the cartel’s meeting held December 6-7 but negotiation cartel leader Saudi Arabia is still on-going. Gold prices edged narrowly higher, building on Wednesday’s potent climb.

G20 SUMMIT IN FOCUS, EIA OUTPUT DATA DUE

Looking ahead, EIA monthly output data may cap near-term crude gains if it underscores that OPEC+ output reduction efforts will face a potent counterweight in swelling US production. News-flow from the G20 summit in Argentina might dominate the spotlight however as the participating country’s leaders – including the heads of China, Russia and the US – join the proceedings.

The ongoing US trade war with China is likely to take top billing. If a meeting between presidents Donald Trump and Xi Jingping projects a conciliatory tone and stokes hopes for de-escalation, a pickup in risk appetite may pull cycle-sensitive crude prices higher alongside stocks. A parallel rise in yields may bodes ill for gold however. An acrimonious outing might lead in the opposite direction.

See our guide to learn about the long-term forces driving crude oil prices!

GOLD TECHNICAL ANALYSIS

Gold prices remain mired in a narrowing congestion range. A daily close above trend line resistance at 1225.24 sees the next upside barrier in the 1235.24-41.64 area. Alternatively, a move below upward-sloping support at 1203.98 sets the stage for a retest of the 1180.86-87.83 range floor.

Gold price chart - daily

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices are still stuck below resistance in the 52.10-83 area but positive RSI divergence hints a rebound may be brewing. A daily close above this barrier opens the door for a test of the 54.48-55.21 zone. Alternatively, a move below the October 2017 lowat 49.16 exposes the August 31 2017 bottom at 45.62.

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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