- Gold prices slip to ten-month low in FOMC assembly aftermath
- Crude oil prices tumble on Libya outlay boost though movement fizzles
- Rethink of a 2017 Fed process bets might figure near-term trade
Gold prices continued to penetrate as markets grappled with a outcome of a FOMC financial process announcement. The executive bank delivered a widely approaching rate travel though went off a priced-in book in raised 3 serve increases in a baseline lending rate subsequent year.
Crude oil prices dipped intraday though eventually finished a day little-changed. The dump might have followed news that Libya will free dual of a biggest descent sites as good as send a conveyance in dual years from a largest trade terminal.
Looking ahead, a peace in high-profile eventuality risk might make for a still finish to a trade week. A rethink of a post-FOMC account is also not out of a question. Markets clearly saw that Fed forecasts are not a pledge in 2016 and most depends on still-uncertain US mercantile policy.
The presentation of this account only forward of a year-end liquidity empty and with many benchmark resources looking rather stretched might stoke profit-taking. That has range to boost bullion prices. The implications for wanton oil are reduction definite as prices determine a influence of OPEC and that of a Fed.
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GOLD TECHNICAL ANALYSIS – Gold prices accelerated downward, attack a weakest turn given early February. From here, a daily tighten next a 50% Fibonacci enlargement during 1112.37 exposes a 61.8% turn during 1094.56. Alternatively, a annulment behind above a 38.2% Fib during 1130.18 targets a 23.6% enlargement during 1152.21.
CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices paused to digest waste after dropping to a lowest turn in a week. Near-term support is now during 49.78, a 38.2% Fibonacci retracement, with a mangle next that on a daily shutting basement targeting a 50% turn during 48.33. Alternatively, a pierce behind above a 23.6% Fib during 51.58 exposes a 14.6% retracement during 52.58.
— Written by Ilya Spivak, Currency Strategist for DailyFX.com
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