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| Credits to DailyFx |
Crude oil prices traded higher, pacing futures tracking the bellwether S&P 500 stock index as sentiment-linked assets corrected following recent losses. Gold prices edged down as the risk-on mood initially buoyed bond yields, but the move reversed course midday as soft US economic data rekindled global slowdown fears. That sent lending rates back lower but also inspired haven flows into the US Dollar, leaving the yellow metal rudderless through the end of the session yet again.
CRUDE OIL TECHNICAL ANALYSIS
A bearish Evening Star candlestick pattern continues to suggest that crude oil prices are carving out a top. Confirmation of reversal requires a daily close below support in the 57.24-88 area, a move that would set the stage to challenge the 55.37-75 zone. A push above the 38.2% Fibonacci expansion at 60.45 would invalidate bearish cues and expose the 50% level at 62.28.
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