- Gold prices teeter in a informed operation above $1100/oz
- Crude oil prices dither after display bearish draft setup
- Holiday liquidity empty might boost kneejerk sensitivity risk
Crude oil and gold prices done small advance notwithstanding an mercantile calendar installed with US eventuality risk as markets would down brazen of a holiday weekend. The centrality of a still-uncertain mercantile process opinion for moulding Fed rate travel bets substantially played a purpose as well.
FOMC officials have regularly pronounced that subsequent year’s tightening arena will be heavily contingent on a enlargement and acceleration implications of a height put brazen by President-elect Trump. With that in mind, revised third-quarter GDP information and a roundup of activity indicators for November substantially valid to be too antiquated to beget a suggestive reaction.
From here, another dollop of US news-flow seems doubtful to incite markets as year-end hibernation deepens. It ought to be remembered that skinny liquidity can amplify knee-jerk sensitivity if wandering title risk spooks investors. With that in mind, it is seems advantageous not to assume that delay is positive and ensue with counsel until coming levels reconstruct in January.
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GOLD TECHNICAL ANALYSIS – Gold prices continue to symbol time above a $1100/oz figure. A daily tighten subsequent a 38.2% Fibonacci expansionat 1118.98 paves a approach for a plea of a 50% turn during 1097.71. Alternatively, a pierce behind above a 23.6% Fib during 1145.30 clears a trail to retest a 14.6% enlargement during 1161.52.
CRUDE OIL TECHNICAL ANALYSIS – The coming of a bearish Dark Cloud Cover candlestick settlement suggests wanton oil prices might be figure out a top. Breaking subsequent plane focus support during 51.56 on a daily shutting basement opens a doorway for a exam of a 38.2% Fibonacci retracement during 49.78. Alternatively, a pull above a 54.63-55.11 area (38.2% Fin expansion, trend line) sees a subsequent upside separator during 56.08, a 50% threshold.
— Written by Ilya Spivak, Currency Strategist for DailyFX.com
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