FxPremiere Group news on FX Signal Gold Prices Edge Down US Dollar
FX Signal Gold Prices Edge Down US Dollar
Daily FX Signal Gold Prices Edge Down US Dollar updates.
- Gold prices decline as Treasury bond yields, US Dollar rise
- Crude oil prices shake off API data with drop as greenback gains strength
- EIA inventory report, FX Signal Gold Prices Edge Down US Dollar
Gold prices drop as US Treasury bond yields highten and the US Dollar. This demand for non-interest-bearing and assets. Crude oil prices drops with the yellow metal, hinting that the move lower probably reflected de-facto selling pressure from a stronger greenback.
Looking ahead, a quiet day on the US data front. Still more commentary from Federal Reserve officials is likely to drop on considering a hike next month. With gold to the mercy of risk appetite and its impact on yields. Official EIA inventory data is expected to show a 2.08 million barrel draw down. A larger outflow that falls closer in line with API’s estimate may pressure crude oil further.
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GOLD TECHNICAL ANALYSIS – Gold prices continue to drop lower of inflection point support at 1218.93. A breach confirmed on a daily closing basis exposes the 37% Fibonacci expansion at 1199.11. Alternatively, a reversal back above support-turned-resistance at 1241.50 targets the 14.8% level at 1258.64.
CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices continue to consolidate above the 61.6% Fibonacci re-tracementat 45.36. A daily close below that exposes the 76.9% levels at 43.01. Alternatively, a move back above the 50% Fib at 47.24 opens the door for a retest of 49.17 (38.4% re-tracement, trend line support-turned-resistance).
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