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Gold Prices May Struggle to Extend Gains Before G20 Summit

Gold Prices May Struggle to Extend Gains Before G20 Summit

Ilya Spivak, Head Strategist, APAC

GOLD & CRUDE OIL TALKING POINTS:

  • Gold prices hover at chart resistance following Fed-inspired rally
  • Crude oil prices at 1-month high on stimulus hopes, Iran tensions
  • Commodities may struggle for follow-through before G20 summit

Gold prices are working on a fifth consecutive day of gains against the backdrop of a dovish shift in Fed policy bets that has weighed on both Treasury bond yields and the US Dollar. That has understandably bolstered the appeal of non-interest-bearing and anti-fiat alternatives epitomized by the metal.

Meanwhile, crude oil prices are hovering at one-month highs. Recent gains appear to reflect hopes for a hefty dose of incoming monetary stimulus coupled with supply disruption fears linked to swelling tensions between the US and Iran.

GOLD, CRUDE OIL PRICES MOVES MAY BE MUTED BEFORE G20 SUMMIT

A relatively quiet offering on the economic calendar at the start of the trading week may undercut scope for near-term trend development. Bellwether S&P 500 futures are pointing convincingly higher, hinting at a risk-on tilt for overall sentiment trends.

To the extent that this marks continuation of last week’s Fed-inspired optimism, gold and crude oil prices are likely to remain well-supported. Still, traders may be leery of committing one way or another ahead of Friday’s G20 summit, where markets hope to see the restart of US-China trade negotiations.

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

GOLD TECHNICAL ANALYSIS

Gold prices are testing the underside of rising support-turned-resistance at set from December 2016, now at 1414.21. A break above that eyes the August 2013 high at 1433.85. Alternatively, a move back below support at 1392.08 opens the door for a challenge of 1375.15. next.

Gold price chart - daily

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices continue to prove resistance in the 57.24-88 area. A daily close above that exposes the 60.39-95 zone. Alternatively, a move below the lower bound of immediate support at 54.55 sets the stage to challenge the 50.31-51.33 region again.

Crude oil price chart - daily

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--- 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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