- Gold prices during delay as markets demeanour forward to FOMC meeting
- Profit-taking on brief bearing might expostulate visual bullion rebound
- Crude oil prices benefit as OPEC looks for outlay cut participation
Gold prices are flat-lining absent uninformed news-flow updating conjecture about a Fed financial process outlook. Next week’s FOMC rate preference lines adult as a subsequent pivotal rhythm point. An upside improvement might manifest amid profit-taking on brief positions as traders perform a probability that a executive bank envisions a shallower tightening trail than what has been labelled in after a US boss election.
Crude oil prices incited higher, gnawing a three-day losing streak, as traders looked forward to a assembly of OPEC and non-OPEC producers over a weekend. The conglomeration aims to secure outmost appearance in a last-minute outlay cut scheme concluded on final week. Follow-through will substantially have to wait for a meeting’s outcome to cranky a wires however. Russia looks to be in while others like Mexico and Brazil passing.
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GOLD TECHNICAL ANALYSIS – Gold prices sojourn sealed in a slight operation though certain RSI dissimilarity continues to spirit an on-coming bounce. Near-term insurgency is during 1183.28, a 14.6% Fibonacci retracement, with a daily tighten above that exposing a 23.6% turn during 1199.50. Alternatively, a dump next a 23.6% Fib enlargement during 1158.15 targets a 38.2% threshold during 1133.83.
CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices corrected aloft after anticipating halt support next a $50/bbl carrying determined a tip as expected. A daily tighten above a 51.64-52.00 area (double top, 23.6% Fibonacci expansion) exposes a 38.2% turn during 53.49. Alternatively, a annulment next a Dec 8 pitch low during 49.60 targets a 38.2% Fib retracement during 48.49.
— Written by Ilya Spivak, Currency Strategist for DailyFX.com
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