Talking Points:
Crude oil, gold prices[1] 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 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. See our free guide to learn what are the long-term forces driving crude oil prices[2]! GOLD TECHNICAL ANALYSIS Gold prices paused to digest losses having dropped after producing a Bearish Engulfing candlestick pattern, as expected[3]. 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.

References
- ^ gold prices (www.dailyfx.com)
- ^ long-term forces driving crude oil prices (www.dailyfx.com)
- ^ expected (www.dailyfx.com)
- ^ Crude oil prices (www.dailyfx.com)
- ^ @IlyaSpivak (www.twitter.com)
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