Crude Oil, Gold Prices Reflect Market-Wide Focus on Jackson Hole

Talking Points:

  • Crude oil prices corner adult within informed operation notwithstanding soothing EIA data
  • Gold prices symbol time in informed domain before pivotal Yellen speech
  • Have a doubt about trade commodities? Join a QA webinar

Commodity prices struggled to find fuel for directional follow-through. Gold prices continued to symbol time in informed territory. Fed process conjecture is infirm for a benchmark anti-fiat item and traders seemed reluctant to dedicate one approach or another forward of a much-anticipated debate from Janet Yellen on Friday.

Crude oil prices edged adult within a recently-prevailing overload operation even as EIA information showed smaller than approaching tender element and gasoline register drawdowns. Distillate bonds also grew some-more than analysts projected. The response might simulate service during outcomes in line with a API-established baseline.

Retail traders design bullion to rise. Find out here what that hints about tangible on-coming cost moves!

GOLD TECHNICAL ANALYSISGold prices continue to symbol time next insurgency in a 1295.46-1300.46 area (double top, 38.2% Fibonacci expansion), yet disastrous RSI dissimilarity still hints that a spin reduce might be forthcoming. A daily tighten next 1278.22 (23.6% Fib retracement, trend line) exposes a 38.2% turn during 1264.23. Alternatively, a pull by of insurgency targets a 50% enlargement during 1310.74.

Crude Oil, Gold Prices Reflect Market-Wide Focus on Jackson Hole

Chart combined regulating TradingView

CRUDE OIL TECHNICAL ANALYSISCrude oil prices are struggling to make durability advance after a mangle of trend line support stalled above a $46/barrel figure. Breaking a 38.2% Fibonacci enlargement during 46.62 on a daily shutting basement paves a approach for a exam of a 50% turn during 45.46. Alternatively, a pierce above support-turned-resistance during 48.76 (range floor, trend line) exposes a Aug 1 high during 50.40.

Crude Oil, Gold Prices Reflect Market-Wide Focus on Jackson Hole

Chart combined regulating TradingView

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

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