Crude Oil, Gold Prices Coil Up Before Key Headlines Hit the Wires

collected by :kiven Dixter

Meanwhile, gold prices continued to mark time in familiar territory. Top tier scheduled event risk doesn't enter the picture until Tuesday when the EIA publishes a monthly report on crude oil production while API offers up a private-sector estimate on weekly US inventory flows. See our guide to learn about the long-term forces driving crude oil prices! GOLD TECHNICAL ANALYSISGold prices are still drifting above the 38.2% Fibonacci expansionat 1217.29. CRUDE OIL TECHNICAL ANALYSISCrude oil prices continue to struggle for clear-cut direction below the $70/bbl figure.

Gold Prices May Drop as US GDP Boosts Fed Outlook, Dollar

Meanwhile, crude oil prices continued to edge higher, finding continued support in an impressive set of EIA inventory figures. GOLD PRICES VULNERABLE AS US GDP DATA BOOSTS DOLLARThe spotlight now turns to US GDP data. The US Dollar is likely to extend gains in this scenario, weighing on gold prices. GOLD TECHNICAL ANALYSISGold prices remain locked in a narrow range above the 38.2% Fibonacci expansionat 1217.29. CRUDE OIL TECHNICAL ANALYSISCrude oil prices continue to tread water above trend support established in early February.

Gold Prices Stall Ahead of July 2017-Low But Sentiment Remains Extreme

as mentioned in Gold Talking PointsThe recent selloff in gold prices appear to have stalled ahead of the July 2017-low ($1205), with bullion at risk for a larger recovery as the Relative Strength Index (RSI) bounces back from oversold territory. Gold Prices Stall Ahead of July 2017-Low But Sentiment Remains ExtremeGold may stage a more meaningful rebound over the coming days as it snaps the series of lower lows from the previous week, but the broader outlook remains tilted to downside as both price and the RSI preserve the bearish formations from earlier this year. At the same time, retail sentiment for gold remains stretched following the break of the December-low ($1236), with the IG Client Sentiment Report still showing 85.8% of traders net-long bullion compared to 86.1% last week. For more in-depth analysis, check out the Q3 Forecast for GoldInterested in having a broader discussion on current market themes? Sign up and join DailyFX Currency Analyst David Song LIVE for an opportunity to discuss potential trade setups!