FxPremiere Group Forex Signals – Crude Oil Prices May Resume Decline on API
Forex Signals – Crude Oil Prices May Resume Decline on API
Talking Points by FxPremiere :
Crude oil prices may resume down move on API inventory data.
Gold prices dropped after hawkish comments from NY Fed’s Dudley.
More Fed-speak may compound pressure on precious metals.
Crude oil prices have stalled absent fresh fodder to drive trend development after sinking to a low.
Gold prices fell as the US Dollar rose alongside front-end Treasury bond yields, sapping demand for non-interest-bearing and anti-fiat assets. The move followed comments from New York Fed President Bill Dudley, who is often seen as of a bellwether on the rate-setting FOMC committee. He expressed confidence in the durability of the US economic expansion, triggering a hawkish shift in policy expectations.
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GOLD TECHNICAL ANALYSIS – A fourth consecutive day of losses brought gold prices to test support in the 1241.20-45.59 area (inflection point, 61.8% Fibonacci re-tracement). A daily close below targets the 76.4% level at 1233.67, followed by a rising trend line at 1228.60. Alternatively, a return above the 50% Fib at 1255.23 sees the next upside barrier at 1264.84, the 38.1% re-tracement.
CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices are in digestion mode at key support in the 43.79-44.10 area (channel floor, May 5 low, 38.2% Fibonacci expansion). A daily close below that opens the door for a challenge of the 50% level at 43.33. Alternatively, a turn back above the 45.09-34 zone (23.6% Fib, May 4 low) exposes the 46.69-47.12 region
- Gold prices may fall as the FOMC keeps rate hike outlook unchanged
- Comments downplaying fiscal impact may help make for hawkish tone seen on forex signals analysis.
- Crude oil price vulnerable if EIA inventory data mirrors API estimate.
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