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Crude Oil Prices May Rise with Stocks But OPEC+ Meeting Looms Large

Crude Oil Prices May Rise with Stocks But OPEC+ Meeting Looms Large

Ilya Spivak,
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Crude oil prices rose alongside stocks on Friday amid a broad-based recovery in market-wide risk appetite. The cheery backdrop proved negative for gold prices despite its negative influence on the US Dollar – whose losses typically help lift the metal – as yields rose, sapping the appeal of non-interest-bearing assets.

Asia-Pacific markets picked up on the positive lead at the start of the new trading week and more of the same looks likely ahead. Bellwether S&P 500 futures are pointing convincingly higher before the opening bell on Wall Street. A sparse data docket presents seemingly few roadblocks to continuation.

On balance, that bodes well for the cycle-sensitive WTI contract. Follow-through may be limited however traders look ahead with unease at the upcoming OPEC+ meeting. Gold prices are back on offense, capitalizing on its anti-fiat credentials as the Greenback remains pressured while yields steady near Friday’s close.

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Crude oil prices managed to hang on at trend line support guiding them higher since late May. Near-term resistance is in the 42.40-43.88 area, with a daily close above that likely to open the door for a challenge of the 50/bbl figure. Alternatively, breaching support sees the next notable inflection point at 34.78.

Crude oil price chart - daily

Crude oil price chart created using TradingView


Gold prices are in consolidation mode after taking out resistance at 1789.78,the 38.2% expansion. The next upside barrier is marked by the 50%level at 1827.82, with a break above that eyeing the 61.8% Fib at 1864.86. Neutralizing the near-term upside bias in earnest probably calls for a daily close below 1747.74.

Gold price chart - daily

Gold price chart created using TradingView

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--- Written by Ilya Spivak, Head APAC Strategist for DailyFX

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.