Crude Oil, Gold Prices Positioned for Weakness Into Holiday Lull

Talking Points:

Commodity prices noted time as investors staid in for marketplace closures in tact of a Good Friday holiday. Australia, Hong Kong and many of Europe’s largest exchanges sojourn sealed by Monday, creation for skinny liquidity.

While that competence check any poignant trend growth until Tuesday, traders would be correct to keep an eye on weekend news-flow for a probability of gapping when appearance levels start to rebuild. Pre-positioning for tip tier US information including ISM and payrolls releases competence also front-load volatility.

See a giveaway beam to learn what are a long-term army pushing wanton oil prices!

GOLD TECHNICAL ANALYSIS

Gold prices paused to digest waste carrying forsaken after producing a Bearish Engulfing candlestick pattern, as expected. A daily tighten subsequent a 50% Fibonacci enlargement during 1325.29 sees a subsequent downside separator during 1317.84, a 61.8% level. Alternatively, a spin behind above a 38.2% Fib during 1332.73 exposes a 23.6% enlargement during 1341.94 anew.

Crude Oil, Gold Prices Positioned for Weakness Into Holiday Lull

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices are stalling during draft support though a bearish Evening Star candlestick settlement continues to strike a double tip is in place. Breaching a 23.6%Fibonacci enlargement during 63.90 on a daily shutting basement exposes channel building support during 61.23. Alternatively, spin above insurgency in a 66.63-67.49 area (January 25 high, 38.2% level) targets a 50% Fib during 70.38.

Crude Oil, Gold Prices Positioned for Weakness Into Holiday Lull

COMMODITY TRADING RESOURCES

— Written by Ilya Spivak, Currency Strategist for DailyFX.com

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