GOLD CRUDE OIL TALKING POINTS:
- Gold prices arise as US bond yields, Dollar tumble after record debt sale
- Crude oil prices drop, talked down by officials from China and Iran
- Chart setups spirit bullion might be set to miscarry as wanton oil suffers losses
Gold prices rose yesterday as a US Dollar retreated alongside Treasury bond yields after attack a 13-month high intraday. That helped a yellow steel precedence a interest as an anti-fiat and non-interest temperament alternative. The pierce came after direct hold impressively solid notwithstanding a record-setting charity of $26 billion in 10-year notes.
The bid-to-cover ratio purebred during 2.55, usually a hair reduce than a 2.57 reading available during a before sale of allied paper. Investors seemed to appreciate a outcome to meant that a approaching inundate of new distribution indispensable to financial a widening bill necessity will find healthy take-up. That sent US debt prices higher, pleat baseline borrowing costs.
IRAN, CHINA OFFICIALS TALK DOWN CRUDE OIL PRICES
Crude oil prices fell, pang a largest dump in a month. The pierce came as Iran’s unfamiliar apportion pronounced some European nations are lobbying for noncompliance with re-imposed US sanctions while Chinese President Xi Jinping urged state-owned appetite companies to boost output. Beijing also opted to leave wanton off a list of US fuel imports (such as gasoline and propane) to be strike with retaliatory tariffs.
Learn what other traders’ bullion buy/sell decisions contend about a cost trend!
GOLD TECHNICAL ANALYSIS
Gold prices edged above trend line insurgency set from mid-June, hinting an upswing might be in a works. The coming of a bullish Morning Star candlestick settlement and certain RSI dissimilarity strengthen a box for a rebound. A mangle above operation building support-turned-resistance during 1221.25 opens a doorway for a exam of a 1236.6-40.86 area. Immediate support is during 1204.59, a Aug 3 low.
CRUDE OIL TECHNICAL ANALYSIS
Crude oil prices seem to have narrowly damaged trend support set from early February, exposing a subsequent downside separator in a 63.96-64.26 area. A serve pull next that targets 61.84. Near-term insurgency is during 70.41, followed by a teenager turn during 72.88 along a approach to a 75.00-77.31 zone.
COMMODITY TRADING RESOURCES
- See a beam to learn about a long-term army pushing wanton oil prices
- Having difficulty with your strategy? Here’s a #1 mistake that traders make
- Join a Trading QA webinar to answer your commodity marketplace questions
— Written by Ilya Spivak, Currency Strategist for DailyFX.com
To hit Ilya, use a comments territory next or @IlyaSpivak on Twitter