Gold fee technical positioning pointers a pinnacle can take a form
Crude oil fees war at chart resistance as OPEC+ convenes
S&P 500 futures trace at risk-on bias, EIA drilling record on tap
Gold costs increased Friday as the US Dollar weakened and Treasury bond yields fell, boosting the appeal of anti-fiat and non-interest-bearing belongings. Crude oil fees swung in a choppy range as OPEC+ officers organized to satisfy in Baku, Azerbaijan, to discuss development on coordinated output cuts, with buyers pondering the possibility that they might be prolonged beyond the cutting-edge mid-year expiration date.
GOLDEYES RISK TRENDS; OIL FOCUSED ON OPEC+ MEETING & EIA REPORT
From right here, an exceptionally quiet presentation on the financial calendar may also place sentiment developments at the forefront. A cautiously upbeat mood in the Asia Pacific exchange has nudged up bond yields along with stocks, pressuring gold downward. Bellwether S&P 500 futures are pointing lightly, hinting that extra of the identical is probably in the cards ahead. Follow-through may be limited ahead of Wednesday’s FOMC assembly, however.
Meanwhile, oil investors will continue eyeing soundbites from Baku as supporters of extending supply caps – notably, Saudi Arabia – spar with skeptics like Russia and Iraq. Against this backdrop, the monthly EIA Drilling Productivity Report might also show that US production continues to swell, threatening to derail OPEC-driven de-stocking efforts. That might weigh on charges.
Learn what different traders’ gold purchase/promote selections say about the charge fashion!
GOLD TECHNICAL ANALYSIS
Gold costs pulled back from assist-became-resistance inside the 1303.70-10. Ninety-five region, with necessary positioning, hinting that a (somewhat malformed) Head and Shoulders’ top is probably taking form. Confirmation is required on a ruin of the neckline guide, now at 1281.91. If this is breached on a day-by-day final foundation, the 1260.80-63.76 area is uncovered initially, but the standard setup implies a measured drawback objective near 1220. Alternatively, a pass above 1310.95 sets the stage to revisit the February swing top at 1346.Seventy-five.
Crude oil fees are testing resistance in the 57.96-fifty nine — 05 location. Negative RSI divergence warns of ebbing upside momentum and hints a turn decrease can be brewing beforehand. Confirmation requires nearly under the 54.55-fifty five — sixty-six assist band daily, which might reveal the 50.15-51.33 zone. Alternatively, a push above resistance exposes the underside of the former help set from February 2016, now at 62.63.