(MENAFN- DailyFX) Talking Points:
may follow stocks lower amid broad-based risk aversion may advance as souring sentiment weighs against bond yields How are our fourth-quarter commodities forecasts faring? Crude oil and gold prices found little impetus for trend development over the past 24 hours, languishing within familiar congestion ranges. Top-tier scheduled event risk is notably absent through the week-end, hinting that sentiment trends may emerge as the central driver of performance.
and futures are pointing lower before London and New York come online, hinting at a risk-off mood. That might boost gold as capital seek haven in Treasury bonds and weighs on yields, boosting the relative appeal of anti-fiat assets. Sentiment-sensitive oil prices may lose ground however.
Retail traders expect gold to rise. what this hints about actual price trends!
GOLD TECHNICAL ANALYSIS Gold prices remain wedged within a would-be bearish Triangle chart pattern. A daily close below its lower boundaryand the 38.2% Fibonacci expansion at 1272.01 sees the next downside barrier in the 1260.80-61.50 area (October 6 low, 50% level). Alternatively, a move above Triangle resistance now at 1293.13 exposes the October 16 high at 1306.04.
Chart created using TradingView
CRUDE OIL TECHNICAL ANALYSIS Crude oil prices continue to mark time near the 23.6% Fibonacci retracement at 55.01. A daily close below that exposes the 38.2% levelat 53.21. Alternatively, a reversal back above the 14.6% Fib at 56.12 opens the door for a retest of the November 8 high at 57.92.
Chart created using TradingView
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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