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(Discuss) Gold Price Volatility May Return on Trump Cabinet News

Andora Andrei

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Iranian Oil Minister Bijan Namdar Zanganeh said it is “highly probable” that OPEC countries will reach consensus, according to comments made to the government’s Shana news service. Separately, Russian President Vladimir Putin said there are no major obstacles left to agreement. OPEC has sought participation from top non-member producers including Russia to boost the scheme’s chances of success.
GOLD TECHNICAL ANALYSIS – Gold prices fell for a third consecutive day but failed to secure a break below the $1200/oz figure. From here, a daily close below the May 30 low at 1199.55 targets the 123.6% Fibonacci expansion at 1171.83. Alternatively, a reversal back above the 76.4% level at 1234.97 exposes the 61.8% Fib at 1254.50.

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CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices are attempting to rebuild upward momentum with a push to test the $47/bbl figure. A daily close above the 50%Fibonacci retracementat 47.05 exposes the 47.65-48.19 area (trend line support-turned-resistance, 61.8% level). Alternatively, a reversal back below the 38.2% Fib at 45.90 paves the way for a retest of triple bottom support at 43.02.

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