Crude Oil Prices Tumble, Uptrend At Risk? Gold Outlook Remains Bleak

WTI CRUDE OIL DAILY CHART

Crude Oil Prices Tumble, Uptrend at Risk? Gold Outlook Remains Bleak

Chart Created Using TradingView

GOLD TECHNICAL ANALYSIS

Gold prices turned lower after testing the ceiling of a bullish Falling Wedge chart pattern. If XAU/USD continues to trade within the confines of this technical pattern, we may see the precious metal aim back towards the 1658 – 1678 support zone for another chance to bounce back up. Otherwise, breaching the range may open the door to deeper losses. Pushing above the wedge exposes the 50-day SMA.

GOLD DAILY CHART

Crude Oil Prices Tumble, Uptrend at Risk? Gold Outlook Remains Bleak

Chart Created Using TradingView

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