GOLD CRUDE OIL TALKING POINTS:
- Gold prices down as US Dollar, Treasury yields simulate hawkish Fed
- Crude oil prices pressuring draft support running six-month uptrend
- Fears of US/China trade fight escalation competence unleash risk aversion
Gold prices declined as US Treasury bond yields modernized alongside a US Dollar in expectation of a hawkish Fed financial process announcement, sapping a interest of non-interest-bearing alternatives. Crude oil prices further fell as a stronger greenback practical de-facto vigour on resources quoted in terms of a benchmark banking (as expected).
For their part, Chair Jerome Powell and association did not disappoint. While rates remained unvaried as widely predicted, a matter expelled following a assembly of a policy-setting FOMC cabinet sounded decidedly assured on enlargement and acceleration prospects. That bolstered a luck of a fourth rate travel in 2018 to 58.8 percent, adult from 56.5 percent available a week earlier.
TRADE WAR TENSIONS MAY HELP GOLD, HURT CRUDE OIL PRICES
From here, a peace in top-tier scheduled eventuality risk competence put view trends in focus. Signs of escalation in trade fight tensions between a US and China pushed shares reduce in Asia Pacific trade and futures tracking a FTSE 100 and SP 500 equity benchmarks spirit some-more of a same competence be ahead. That competence import on bond yields, charity bullion a lifeline. Crude oil competence humour alongside other unsure resources however.
Learn what other traders’ bullion buy/sell decisions contend about a cost trend!
GOLD TECHNICAL ANALYSIS
Gold prices remain sealed in a choppy operation above a 1200/oz figure. Breaking subsequent a Jul 19 low during 1211.65 exposes a 38.2% Fibonacci enlargement during 1197.94. Alternatively, a pierce above trend line insurgency during 1220.02 paves a approach for a retest of former support during 1236.66.
CRUDE OIL TECHNICAL ANALYSIS
Crude oil prices continue to float during support set from early February. A daily tighten subsequent a outdoor covering – now during 66.60 – opens a doorway for a exam of a 63.96-64.26 area. Alternatively, a miscarry above a 38.2% Fibonacci enlargement during 71.52 targets a 50% turn during 72.89 next.
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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