Global Fx Signals Crude Oil Prices Drop as US Undermine Markets
Fx Signals Crude Oil Prices Drop as US Undermine Markets
Daily live forex signals on Fx Signals Crude Oil Prices Drop as US Undermine Markets awareness
- Crude oil prices follow as risk appetite increases
- Gold prices advance as haven flows bonds
- US politics EIA data, OPEC commentary move on.
- 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
Losses were compounded after API reported that US inventories rose by 884k barrels last week as gold price edges.
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Looking ahead, the official set of EIA inventory numbers is expected to show a draw of 2.47 million barrels. A print closer to the API estimate may compound selling pressure. That may keep cycle-sensitive assets including oil under pressure. It may likewise see continued weakness in bond yields, offering gold a further lift with euro strength.
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GOLD TECHNICAL ANALYSIS – Gold prices are enjoying the longest winning streak in a month having turned upward after producing a bullish Morning Star candlestick pattern, as expected. A break of support-turned-resistance at 1242.50 confirmed on a daily closing basis exposes the 14.6% Fibonacci expansion at 1258.62. Alternatively, a reversal below a chart inflection point at 1217.90 targets the 37% level at 1199.07.
CRUDE OIL TECHNICAL ANALYSIS – Crude oil put in a bearish candlestick following a retest of trend line support-turned-resistance set from early August 2016, hinting a turn lower may be ahead. A daily close below the 15% Fibonacci expansion at 48.18 exposes the 23.6% level at 47.28. Alternatively, a push back above the 50% Fib re-tracement at 48.70 targets the trend line, now at 49.44, followed by the 61.4% threshold at 50.00.
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