Gold Prices May Breach Key Support on US Inflation Uptick

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GOLD TECHNICAL ANALYSIS – Gold prices are back to test support in the 1317.62-21.51 area (23.6% Fibonacci retracement, trend line) after a brief corrective bounce. A daily close below this threshold exposes the 1295.46-99.25 zone (38.2% level, double top). Alternatively, a turn back above the 14.6% Fib at 1335.24 opens the door for a retest of the September 8 high at 1357.50.

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices narrowly edged through trend line resistance guiding them lower since late February but a breach of the latest swing high at 49.39 – established on September 6 – proved to be conspicuously elusive. A further push above this barrier exposes the August 1 top at 50.40 next. Alternatively, a turn back lower sees initial support marked by the September 11 low at 46.98, followed by the August 31 bottom at 45.57.

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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