Crude Oil Prices Look to OPEC, EIA Reports for Supply Trend Clues

CRUDE OIL GOLD TALKING POINTS:

  • Crude oil cost draft shows commanding setup subsequent pivotal resistance
  • OPEC and EIA reports to assistance surprise supply trend expectations
  • Gold prices negotiating uptrend support from Dec 2016

Commodity prices fell on Friday, with crude oil and bullion prices down in tandem as bets on rising lending rates undercut a interest of non-interest-bearing and anti-fiat alternatives. The widespread between two- and ten-year US Treasury bond yields widened as borrowing costs during a longer finish edged up.

OPEC, EIA TO INFORM CRUDE OIL SUPPLY OUTLOOK

From here, a OPEC monthly report as good as EIA drilling productivity statistics are in focus. The former will assistance illustrate a border to that new sanctions on Iran competence impact tellurian supply flow. Saudi Arabia has affianced to keep prices fast even if a cartel’s third-largest writer is sidelined. Meanwhile, a EIA will assistance sign how most pitch outlay competence be entrance to marketplace in a nearby term.

See a quarterly wanton oil price forecast to learn what will expostulate the trend by mid-year!

GOLD TECHNICAL ANALYSIS

Gold prices continue to float above rising trend support set from Dec 2016, now in a 1284.71-1302.73 area. A mangle subsequent that would symbol a vital change in a widespread arena and primarily display a subsequent covering of support in a 1260.80-66.44 region. Alternatively, a miscarry yet teenager upside barriers in a 1323.60-33.42 territory opens a approach for a retest of insurgency defining a bearish disposition given a commencement of a year. This is noted by a channel roof and a double tip in a 1349.68-57.50 area.

Gold cost daily chart

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices put in a bearish Evening Star candlestick pattern, hinting a pierce reduce might be in a works. A mangle subsequent support during 69.53 (trend line, former operation top) opens a doorway for a retest of resistance-turned-support in a 66.22-67.36 overload area. Alternatively, a daily tighten above a May 10 high during 71.86 would nullify commanding cues and display a 75.00-77.31 zone, noted by pitch bottoms set in Aug 2011 and Jun 2012 (now recast as resistance).

Crude oil cost daily chart

COMMODITY TRADING RESOURCES

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

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