Crude Oil Prices Rebound After Plunge, Gold Looks Ahead to F...| MENAFN.COM

Wednesday, 08 February 2023 03:23 GMT

Crude Oil Prices Rebound After Plunge, Gold Looks Ahead to FOMC


(MENAFN- DailyFX) Talking Points:

retracing losses after sharp EIA-inspired breakdown shrug off November's mixed set of US employment figures in focus from here but OAPEC, US fiscal policy bear watching Crude oil prices continued to correct higher Friday having plunged following a . The calendar is light on relevant event risk in the near-term, suggesting that a consolidative tone may persist for now. Traders would be wise to keep an eye on headlines emerging from a meeting of the Organization of Arab Petroleum Exporting Countries (OAPEC) in Kuwait however.

Gold prices marked time echoing a similarly indecisive performance from the following the release of a . Directional commitment seems unlikely to re-emerge before the but headlines shaping the likely impact of fiscal policy on next year's rate hike cycle emerging out of Washington DC ought to be kept in mind.

Retail traders are betting gold will rise. what this hints about on-coming price moves!

GOLD TECHNICAL ANALYSIS Gold prices are digesting losses after sinking to the lowest level in over four months. From here, a daily close below the 61.8% Fibonacci expansionat 1246.28 paves the way for a test of the 76.4% level at 1232.16. Alternatively, a turn back above support-turned-resistance marked by the October 6 lowat 1260.80 opens the door for another challenge of the 38.2% Fib at 1269.10.

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSIS Crude oil prices paused to consolidate after breaking a rising trend line guiding them higher since early October. Key support remains at 55.04 (38.2% Fibonacci retracement, trend line from late August), with a daily close under that exposing the 50% level at 54.08. Near-term resistance is in the 58.50-59.05 area (trend line support-turned-resistance, November 24 high).

Chart created using TradingView

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

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