- Crude oil prices case as traders wait OPEC understanding implementation
- Weekly API oil inventories information might revitalise directional momentum
- Gold prices demeanour to ISM consult information to expostulate Fed trail speculation
Crude oil prices sojourn rudderless subsequent a $55/barrel figure as markets wait news on a doing of OPEC’s supply cut scheme. In a meantime, a private-sector guess of weekly register flows from API might beget a bit of volatility.
Gold prices have stalled after resilient to a two-week high in a final days of 2016. The spotlight now turns to December’s US ISM production survey, that might reboot conjecture about a on-coming instruction of Federal Reserve financial policy.
The news is approaching to uncover that bureau zone activity grew during a fastest gait in 23 months. An upside warn might meant small after markets spent most of a past dual months pricing in a steeper Fed rate travel path. A unsatisfactory outcome might have some-more market-moving potential, promulgation a steel upward.
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GOLD TECHNICAL ANALYSIS – Gold prices paused to connect gains after holding out insurgency during 1149.85, a 14.6% Fibonacci retracement. From here, a daily tighten above a 23.6% turn during 1166.51 exposes a 1193.55-99.80 area (38.2% Fib, May 30 low. Alternatively, a annulment behind subsequent 1149.85 targets a Dec 15 low during 1122.81.
CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices continue to symbol time nearby December’s pitch top. Near-term insurgency is during 54.66, 38.2% Fibonacci expansion, with a mangle above that on a daily shutting basement exposing a 50% turn during 56.11. Alternatively, a annulment behind subsequent plane focus support during 51.64 sees a subsequent downside separator during 49.80, a 38.2% Fib retracement.
— Written by Ilya Spivak, Currency Strategist for DailyFX.com
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