TALKING POINTS – CRUDE OIL GOLD PRICES
- Gold prices competence spin from draft insurgency as marketplace mood brightens
- Soft US sell sales news competence extent down pierce as Fed opinion dims
- Crude oil eyeing Kuwait Oil Gas summit, EIA drilling information for cues
Gold prices traded aloft as a markets’ mood soured in late North American trade on Friday, promulgation collateral journey to a relations reserve of Treasury holds and joyless yields. That offering a informed lift to non-interest-bearing resources succinct by a yellow metal.
The pierce competence have noted de-risking before a weekend as markets weighed tensions in Syria and clearly ascent vigour on a White House from Special Counsel Robert Mueller. He is questioning probable links between a Trump debate and Russian division in a 2016 election.
Crude oil prices edged kindly aloft though didn’t make concrete progress, producing a fifth uninterrupted boost though also selling a smallest daily benefit in a series. Volumes in a bellwether WTI agreement fell to a one-week low, maybe signaling traders’ privacy to attend as geopolitical risk heats up.
SYRIA, US DRILLING AND RETAIL SALES DATA IN FOCUS
From here, soundbites from a Kuwait Oil and Gas Summit competence surprise bets on a grade to that an increasingly flighty Levant impacts tellurian supply. OPEC Secretary-General Barkindo competence try to defuse fears that dispute between proxies of Iran and Saudi Arabia competence skip concurrent outlay cut efforts.
Meanwhile, a EIA will tell monthly drilling capability statistics. If they advise flourishing US descent will lifeless a impact of any geopolitically-linked disruptions, wanton oil prices competence spin lower. Baker Hughes information put a series of active oil rigs during a three-year high final week.
As for gold, it competence spin reduce as investors’ mood brightens despite Western troops movement opposite Syrian targets over a weekend. SP 500 futures are indicating decidedly higher, hinting that bond yields competence arise opposite a broadly “risk-on” backdrop.
US Retail Sales information is approaching to uncover profits combined 0.4 percent in March, gnawing a three-month losing streak. A unsatisfactory outcome echoing new decrease relations to forecasts in US mercantile news-flow competence cold Fed rate travel bets and extent downside follow-through however.
See a quarterly bullion forecast to learn what will expostulate prices by mid-year!
GOLD TECHNICAL ANALYSIS
Gold prices’ nascent upswing has been checked by informed insurgency in a 1353.87-57.50 area (double top, descending trend line). A daily tighten above this separator exposes a Jul 2016 high during 1375.15. Alternatively, a spin next near-term rising trend support – now during 1335.11 – would open a doorway for another plea of operation support during 1307.25.
CRUDE OIL TECHNICAL ANALYSIS
Crude oil prices are stalling during a vicious insurgency cluster in a 66.63-67.49 area (January 25 high, rising channel top, 38.2% Fibonacci expansion). A daily tighten above that exposes a 50% turn during 70.38. Alternatively, a pierce next a 23.6% Fib during 63.90 targets a channel building during 62.45.
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
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