Crude oil, gold prices mark time as liquidity ebbs into
holiday lull technical positioning hints at weakness when participation returns
weekend news-flow, US data anticipation may translate into gaps commodity
prices marked time as investors settled in for market closures in in observance
of the Good Friday holiday.
Australia, Hong Kong and most of Europe’s largest exchanges
remain closed through Monday, making for thin liquidity. While that might delay
any significant trend development until Tuesday, traders would be wise to keep
an eye on weekend news-flow for the possibility of gapping when participation
levels begin to rebuild.
Pre-positioning for top tier US data including ISM and
payrolls releases may also front –load volatility. Gold technical analysis gold
prices paused to digest losses having dropped after producing a Bearish
Engulfing candlestick pattern, as expected.
A daily close below the 50% Fibonacci expansion at 1325.29
sees the next downside barrier at 1317.84, the 61.8% level. Alternatively, a
turn back above the 38.2% Fib at 1332.73 exposes the 23.6% expansion at 1341.94
anew.
Crude oil technical analysis: Crude oil prices are stalling
at chart support but a bearish Evening Star candlestick pattern continues to
hit a double top is in place. Breaching the 23.6% Fibonacci expansion at 63.90
on daily closing basis exposes channel floor support at 61.23.
Alternatively, turn above resistance in the 66.63 – 67.49
area (January 25 high, 38.2% level) targets the 50% Fib at 70.38.
