Crude oil prices continued to push upward after Russian Energy Minister Alexander Novak said his country would be open to talks about a joint output freeze with OPEC and non-OPEC producers. The comments were made in an interview with Saudi Arabian newspaper Asharq Al-Awsat and bolster hopes of a deal to boost prices that have buoyed the WTI contract since last week.
The article first appeared on Oil-Trading.CO at http://www.oil-trading.co/crude-oil-analysis/crude-oil-extends-gains-as-russia-stokes-output-deal-hopes
GOLD TECHNICAL ANALYSIS – Gold prices continue to tread water in a familiar range. Near-term support is at 1329.79, the August 8 low, with a break below that on a daily closing basis exposing the 38.2% Fibonacci re-tracement at 1308.00. Alternatively, a push above the 1367.15-77.74 area (double top, 38.2% Fib expansion) targets the 50% level at 1398.45.
CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices advanced for a third consecutive day, rising to the highest level in four weeks. Near-term resistance is now at 46.88, the 61.8% Fibonacci retracement, with a break above that on a daily closing basis targeting the 76.4% level at 48.70. The 50% Fib at 45.41 has been recast as support, with a move back below that paving the way for a rest of the 43.94-44.40 area (July 11 low, 38.2% retracement).