Never miss a story from Ilya Spivak

Subscribe to receive daily updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from DailyFX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Ilya Spivak

You can manage your subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

GOLD & CRUDE OIL TALKING POINTS:

  • Gold prices stalled at chart support after hitting two-week low
  • Crude oil prices unable to make hay of US-Iran spat, for now
  • OECD outlook update may stoke risk aversion, API data due

Gold prices paused to digest after five days of consecutive losses brought them to a two-week low. An updated OECD Economic Outlook seems likely to bring downgrades of growth and inflation bets, establishing a risk-off mood. That may boost haven demand for the US Dollar, weighing on the anti-fiat yellow metal. Traders may withhold conviction ahead of Wednesday’s FOMC minutes release however, limiting follow-through.

Meanwhile, crude oil prices found a bit of a lift as US President Donald Trump threatened Iran but the move higher struggled for follow-through, with the WTI ultimately unable to make headway beyond its near-term trading range. If sentiment unravels, weakness alongside stocks seems likely. API inventory flow data is also due. It will be sized up relative to bets on a 1.7-million-barrel drawdown.

Did we get it right with our crude oil and gold forecasts? Get them here to find out!

GOLD TECHNICAL ANALYSIS

Gold prices continue to hover at support marked by a rising trend line set from mid-August 2018. This is reinforced by the 1260.80-63.76 inflection zone, with a daily close below the latter barrier exposing the 1235.11-38.00 region next. Alternatively, a breach of resistance in the 1303.70-09.12 area eyes a minor hurdle in the 1323.40-26.30 price band, followed by February’s high at 1346.75.

Gold price chart - daily

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices remain capped below a dense bloc of overlapping resistance levels in the 63.59-67.03 area. Near-term support is at 60.39, with a daily close below that exposing the 57.24-88 area. Alternatively, a push all the way through resistance targets the $70/bbl figure thereafter.

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