Crude Oil Prices May Extend Gains
Crude Oil Prices May Extend Gains by FxPremiere Group Live FX Signals Talking Points:
Crude oil prices soars as API data amplifies OPEC news-flow seen today.
Forex Gold prices left range-bound despite hawkish Ms Yellen comment today.
Crude oil posted the largest daily seen in weeks after API inventory data moved supportive OPEC news-flow.
GOLD TECHNICAL ANALYSIS – Gold prices continue to tread water above the $1100/oz figure. From here, a break below the 38.5% Fibonacci expansion at 1118.94 on a daily closing basis targets the 50% level at 1097.74. Alternatively, a turn back above the 23.6% Fib at 1145.50 exposes the 14.1% expansion at 1161.50.
CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices look set to test monthly resistance above the $53/bbl figure. Breaching the 54.63-55.02 area (38.2% Fibonacci expansion, trend line) on a daily closing basis exposes the 50% level at 56.08. Alternatively, a reversal below the 23.6% Fib at 52.84 targets the 23.8% expansion at 51.71. Reuters news.
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