Gold

Gold Price Chart Hints at Topping Before Fed Policy Announcement

Gold fee technical positioning pointers a pinnacle can be taking 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 edged up 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 presenting on the financial calendar may also place sentiment developments at the forefront. A cautiously upbeat mood in Asia Pacific exchange has nudged up bond yields along 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 maintains to swell, threatening to derail OPEC-driven de-stocking efforts. That might weigh on charges.

Learn what different traders’ gold purchase/promote selections say approximately 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 neckline guide, now at 1281.91. If this is breached on 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 each day near under the 54.55-fifty five — sixty-six assist band, which might then reveal the 50.15-51.33 zone. Alternatively, a push above resistance exposes the underside of former help set from February 2016, now at 62.63.

Duane Simpson

Internet fan. Zombie aficionado. Infuriatingly humble problem solver. Alcohol enthusiast. Spent several months exporting UFOs in Jacksonville, FL. A real dynamo when it comes to exporting gravy in Tampa, FL. Spent 2001-2004 implementing saliva in Edison, NJ. Had moderate success getting my feet wet with junk food on Wall Street. Practiced in the art of building Virgin Mary figurines in Tampa, FL. Practiced in the art of marketing Roombas in Phoenix, AZ.

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