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Crude Oil, Gold Prices Biased Upward in Thin Holiday Trade

GOLD TECHNICAL ANALYSIS

Gold prices were rejected lower on a test of resistance at 1356.23, the 38.2% Fibonacci expansion. A turn lower from here sees the first layer of major support in the 1312.36-16.50 area (38.2% Fib retracement, support shelf), with a break below that exposing the 50% level at 1301.19. Alternatively, a daily close above 1356.23 sees the next upside threshold in the 1366.06-71.50 zone (January 25 high, 50% expansion).

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