GOLD CRUDE OIL TALKING POINTS:
- Gold prices might arise as Trump, Junker strike understanding on automobile tariffs
- Crude oil prices arise on EIA direct outlook, API register data
- Chart positioning sees gold, wanton oil struggling to find direction
Gold prices done small advance yesterday. A slight pullback in a US Dollar offering support to a benchmark anti-fiat item early in a eventuality though follow-through valid lacking, with traders clearly reluctant to dedicate brazen of incoming eventuality risk. The spotlight is on a assembly between US President Donald Trump and EC President Jean-Claude Junker in a day ahead.
Mr Junker arrives during a White House on a goal to inhibit Mr Trump from relocating brazen with due tariffs on automobile imports. US Department of Commerce hearings showed a duties are deeply unpopular domestically final week, hinting a President may be penetrating to throw them. If Junker is means to benefit on this and cobble together an accord, rising bond yields might harm a yellow steel as risk ardour firms.
CRUDE OIL PRICES MAY RISE AS US INVENTORIES DROP
Crude oil pricesedged adult as a EIA likely rising direct from China, India and Africa by 2040 in a International Energy Outlook news while API information showed US stockpiles fell final week. The private-sector guess saw 3.16 million tub outflow from wanton storage. Gasoline and essence bonds strew 4.87 million and 1.32 million barrels respectively.
Official DOE register statistics due to cranky a wires currently are approaching to furnish some-more medium results. Economists prognosticate drawdowns of 2.2 and 1.2 million barrels from wanton and gasoline storage respectively while essence bonds post a medium gain. Outcomes closer to a API projection might offer prices a serve boost. A risk-on lead from a Trump/Junker assembly might supplement to ceiling pressure.
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GOLD TECHNICAL ANALYSIS
Gold prices remained pinned to support noted by 38.2% Fibonacci enlargement during 1217.29. A daily tighten next it primarily targets a 50% Fib during 1202.28. Alternatively, miscarry above support-turned-resistance during 1236.66 paves a approach for another plea of a 1260.80-66.44 area.
CRUDE OIL TECHNICAL ANALYSIS
Crude oil prices continue to step H2O nearby support set from early February, now during 66.17. A mangle next this separator exposes a 63.96-64.26 area. Alternatively, a daily tighten above a 68.74-69.53 territory opens a doorway for a exam behind above $72/bbl figure.
COMMODITY TRADING RESOURCES
- See a beam to learn about a long-term army pushing wanton oil prices
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— Written by Ilya Spivak, Currency Strategist for DailyFX.com
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