Crude Oil Prices Aim to Break 7-Month Down Trend. Will They?



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GOLD TECHNICAL ANALYSIS – Gold prices put in a Bearish Engulfing candlestick pattern, hinting a turn lower may be ahead. A move below resistance-turned-support at 1326.38 – the 23.6% Fibonacci expansion – sees the next downside barrier marked by the 14.6% level at 1315.49. Alternatively, a push above the 38.2% Fib at 1344.04 exposes the 50% expansion at 1358.32.

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices are poised to test trend line resistance that has capped the upside for seven months, a barrier reinforced by the 50% Fibonacci expansion at 49.73. A daily close above this barrier would initially expose the 61.8% level at 50.71. Alternatively, a move back below the 38.2% Fib at 48.75 targets the 23.6% expansion at 47.53 anew.

Chart created using TradingView

— Written by Ilya Spivak, Currency Strategist for DailyFX.com

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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