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Gold Prices Probe Trend-Defining Chart Barrier, OECD Update Eyed

Gold Prices Probe Trend-Defining Chart Barrier, OECD Update Eyed

Ilya Spivak,
What's on this page


  • 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 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 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


--- Written by Ilya Spivak, Currency Strategist for

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.