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Gold Prices Soar to Challenge Range Top as US Dollar Drops

Gold Prices Soar to Challenge Range Top as US Dollar Drops

Ilya Spivak, Head Strategist, APAC

GOLD & CRUDE OIL TALKING POINTS:

  • Gold prices soar to challenge 3-week range top as the US Dollar drops
  • Breakout upward might expose trend-defining 1357.50-66.06 resistance
  • Crude oil prices break February top, set stage for rise to 3-month high

Gold prices rose on Friday even as bond yields rose in risk-on trade – typically a headwind for the yellow metal – as the US Dollar plunged, boosting the appeal of anti-fiat alternatives. The greenback’s retreat looks to have reflected ebbing haven demand. Crude oil prices tracked stocks upward.

US MARKET CLOSURE LIKELY TO SAP LIQUIDITY, CONVICTION

Looking ahead, US market closures for the President’s Day holiday are likely to sap liquidity and make for consolidative trade. Diminished participation might also amplify kneejerk volatility in over-the-counter markets including spot gold if unforeseen headline risk emerges. Proceeding cautiously seems prudent.

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

GOLD TECHNICAL ANALYSIS

Gold prices continue to tread water above a support block running through 1294.10. A daily close below invalidates the uptrend from mid-November and exposes the next layer of support at 1276.50. Alternatively, a push above resistance at 1323.60 targets the trend-defining top in the 1357.50-66.06 area.

Gold price chart - daily

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices continue to pressure chart resistance, but a bearish Evening Star candlestick pattern still warns of topping. A daily close above the February 4 high at 55.75 would invalidate the setup and expose the 57.96-59.05 area. Alternatively, a downswing from here that takes out support in the 49.41-50.15 zone opens the door for a decline back toward the 42.05-55 region.

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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