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Daily Financial Market News

Mon, 20 Nov 2017 08:00:00 GMT

Gold Prices May Continue Higher as German Coalition Crumbles

Gold Prices May Continue Higher as German Coalition Crumbles Search DailyFX Home Rates Charts News Market News Real-Time News Daily Briefings Forecast Market Alerts DailyFX Authors Articles Market News Headlines Ethereum Price Rally Stalls Ahead of Key Resistance Targets U.S. Dollar Begins Test of Key Resistance Zone as Bulls Remain Bashful DXY Index Firms Up, but Still Stuck in Range Technical Analysis Analysis Technical Analyst Picks Support & Resistance Daily Technical Reports Pivot Points Sentiment Articles Algorithmic Trading Technical Analysis Headlines DAX Technical Analysis: Trading in Tight Window of Support & Resistance EUR/GBP Technical Analysis: Move Back Below 0.88 Hinted Ahead ASX 200 Technical Analysis: Retreat Finds Support But It Must Hold Calendars Economic Calendar Webinar Calendar Central Bank Rates Dividend Calendar Forex Economic Calendar Time Event Actual Forecast Rates Charts Education Education Beginner Intermediate Advanced Expert Free Trading Guides DAILYFX PLUS × Get the best parts of DailyFX.com in the new DailyFX App Download × Join Us For Our Free Webinars Get daily market analysis from our in-house experts Choose from more than 25 webinars each week Put your questions to our experts in real-time Q&As Register now Want to hold off on improving your trading? Click here to dismiss. × Get Your Free Trading Guides With your broad range of free expert guides, you'll explore: The basics of forex trading and how to develop your startegy Foundational knowledge to help you develop an edge in the market What's ahead for major FX pairs, Gold, Oil and more Download a Free Guide Want to hold off on improving your trading? Click here to dismiss. EUR/USD Low High View More Note: Low and High figures are for the trading day. News U.S. Dollar Begins Test of Key Resistance Zone as Bulls Remain Bashful DailyFX US AM Digest: US Dollar Bobs Back and Forth; Euro Weakens DXY Index Firms Up, but Still Stuck in Range GBP/USD Low High View More Note: Low and High figures are for the trading day. News DXY Index Firms Up, but Still Stuck in Range Asia AM Digest: British Pound Gains on Brexit Breakthrough Hopes GBP/USD Marches Toward Monthly-High (1.3321) Ahead of BoE Testimony USD/JPY Low High View More Note: Low and High figures are for the trading day. News DailyFX US AM Digest: US Dollar Bobs Back and Forth; Euro Weakens DXY Index Firms Up, but Still Stuck in Range DailyFX US AM Digest: Euro Retakes Earlier Losses; Dollar Stable at US Open Gold Low High View More Note: Low and High figures are for the trading day. News DailyFX US AM Digest: US Dollar Bobs Back and Forth; Euro Weakens DXY Index Firms Up, but Still Stuck in Range Technical Analysis for Gold, Silver, Crude Oil, DAX & More Oil Low High View More Note: Low and High figures are for the trading day. News Technical Analysis for Gold, Silver, Crude Oil, DAX & More Crude Oil Prices Eye Inventory Data as Gold Awaits Yellen Speech Gold Prices May Continue Higher as German Coalition Crumbles BITCOIN Low High View More Note: Low and High figures are for the trading day. News Bitcoin Rallys Through $8,200; New Crypto Market Cap Record Bitcoin Soars Then Retreats; Good News Continues Bitcoin Momentum Continues, Hedge Fund Giant Signals Interest View More More Real-Time News Facebook Twitter Youtube Google + Gold Prices May Continue Higher as German Coalition Crumbles by  Ilya Spivak, Sr. Currency Strategist  Fundamental analysis, economic and market themes Connect via: Talking Points: Gold prices may extend Friday’s risk-off gains as German coalition crumbles Crude oil prices have room to consolidate but WTI expiry may stoke volatility What do retail traders’ bets say about on-coming gold moves? Find out here Gold prices pushed higher Friday – posting the largest daily gain in nearly three months – as risk aversion weighed on bond yields and cooled Fed rate hike bets. That offered a familiar boost to anti-fiat and non-interest-bearing assets epitomized by the yellow metal. Sentiment soured after Special Counsel Robert Mueller subpoenaed the Trump campaign . Crude oil prices turned sharply higher after Saudi Energy Minister Khalid Al-Falih said the recent political shakeup in the kingdom will not affect its commitment to OPEC-led production cuts and argued that the cartel should extend the scheme at this week’s meeting. He added that Russia will be “fully on board” with the extension, pushing back against concerns about Moscow’s reticence. Looking ahead, gold may continue to find support in risk-off trade. The breakdown in German coalition talks have emerged as the culprit this time around, with FTSE 100 and S&P 500 futures pointing to a gloomy day ahead. In the meantime, crude oil may capitalize on a lull in top-tier news flow to consolidate. The expiry of the active WTI contract may translate into some volatility however. What are the forces driving long-term crude oil price trends? See our free guide to find out ! GOLD TECHNICAL ANALYSIS – Gold prices jumped higher to test resistance at 1297.74, the 38.2% Fibonacci retracement. A daily close above that exposes the 1306.04-9.15 area (October 16 high, 50% level) . Alternatively, a push through support at 1269.10 (trend line, 38.2% Fib expansion) opens the door for a test of the 1257.69-60.80 zone (October 6 low, 50% expansion). Chart created using TradingView CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices bounced after a sharp move lower stalled near the $55/bbl figure. A daily close above support-turned-resistance at 56.82 exposes the 57.72-92 area (23.6% Fibonacci expansion, November 8 high. Alternatively, a move below the 23.6% Fib retracement at 55.01 targets the 38.2% threshold at 53.21. Chart created using TradingView --- Written by Ilya Spivak, Currency Strategist for DailyFX.com To receive Ilya's analysis directly via email, please SIGN UP HERE Contact and follow Ilya on Twitter: @IlyaSpivak DailyFX provides forex news and technical analysis on the trends that influence the global currency markets. 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