(MENAFN- DailyFX)
Crude oil,gold priceperformance chart created usingTradingView
CRUDE OIL & GOLD TALKING POINTS: Crude oil pricesedge up in risk-on trade, but key resistance held API inventory flow data rounds out barebones economic calendar Gold prices retreat as markets eyeFOMCminutes, Jackson Hole
Friday'srisk-on sentiment tiltcarried through Monday's session, with crude oil prices rising alongside stocks. A parallel rise in bond yields undermined the appeal of non-interest-bearing assets and weighed on gold. Impressively, theUS Dollar recovered some lost grounddespite its recently anti-risk profile.
All the same, the benchmark commodities made little progress from near-term ranges, asexpected . That seems to reflect traders withholding conviction ahead of critical event risk: minutes from July's FOMC and ECB meetings as well as the Fed-hosted economic symposium in Jackson Hole, Wyoming.
The weekly API inventory flow report rounds out the barebones data docket. It will be sized up against expectations of a 1.22-million-barrel drawdown in US stockpiles expected to be reported in official EIA statistics due Wednesday. Absent dramatic deviation, a strong response from prices seems unlikely.
Get our free guide to helpbuild confidence in your gold and crude oil trading strategy !
GOLD TECHNICAL ANALYSIS
Gold prices edged lower toward swing low support at 1480.00. A daily close below that would bolster topping cues hinted in negative RSI divergence, exposing a more substantive barrier in the 1437.70-52.95 zone next. Swing high resistance is at 1535.03, with a weekly chart inflection level at 1563.00 lining up thereafter.
Gold price chart created usingTradingView
CRUDE OIL TECHNICAL ANALYSIS
Crude oil prices remain pinned below resistance capping gains since late April, now at 58.30. A daily close above that targets the 60.04-84 zone. Alternatively, a move below the congestion area running down through 53.95 sets the stage to challenge support near the $50/bbl figure once again.
Crude oil price chart created usingTradingView
COMMODITY TRADING RESOURCESSee our guide to learn about thelong-term forces driving crude oil prices Having trouble with your strategy? Here's the#1 mistake that traders makeJoin a free webinarand have your commodity market questions answered
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
To contact Ilya, use the comments section below or@IlyaSpivakon Twitter
DailyFX
MENAFN2008201900760000ID1098902210
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.