Gold Prices Await Key Event Risk to Trigger Range Breakout

Talking Points:

Goldprices have struggled to make much ofrecent US Dollar losses. The flagship anti-fiat asset might have been expected to soar as cooling Fed rate hike bets punish the greenback but has turned in a reserved response instead. A lull in top-tier news flow over the coming 24 hours suggests this is unlikely to change for now butmajor on-coming event riskmeans that a breakout may well be in the cards this week.

Meanwhile,crude oilprices continue to push higher amid speculation that anOPEC meeting in Vienna this weekwill produce an extension of a cartel-led production cut scheme due to expire in March. Stage-setting commentary from key officials leading into the sit-down – particularly from critical non-OPEC producers, such as Russia – may drive price action in the interim.

Retail traders are betting that gold will rise.Find out herewhat this hints about the price trend!

GOLD TECHNICAL ANALYSIS–Gold pricesare still confined to a choppy range below the 38.2% Fibonacci retracement at 1297.74. A daily close above this barrier initially exposes the 1306.04-9.15 area (October 16 high, 50% level).Alternatively, a turn below the 38.2% Fib expansionat 1269.10 opens the door for a test of the 1257.69-60.80 region (October 6 low, 50% expansion).

Gold Prices Await Key Event Risk to Trigger Range Breakout

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CRUDE OIL TECHNICAL ANALYSIS–Crude oil prices are taking aim at resistance marked by the 38.2% Fibonacci expansion at 59.52, with a break above that on a daily closing basis exposing the 50% level at 60.98. Alternatively, a reversal back below the 23.6% Fib at 57.72 targets the 56.61-82 area (resistance-turned-support, 14.6% expansion).