Crude Oil Prices May Struggle to Extend Near-Term Advance

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GOLD TECHNICAL ANALYSIS – Gold prices continue to hover above support in the 1317.62-21.51 area (23.6% Fibonacci retracement, trend line). A daily close below it targets the 1295.46-99.25 zone (38.2% level, double top) next. Alternatively, a reversal back above the 14.6% Fib at 1335.24 exposes the September 8 high at 1357.50 anew.

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices are testing the August 1 high at 50.40, with a daily close above that paving the way for a challenge of the May 25 top at 51.97. Alternatively, a turn back below trend line resistance-turned-support at 49.10 exposes the September 11 low at 46.98.

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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