The release of crude oil inventories earlier today showed a surprise increase in the number of barrels.
Gold reaches new high
The price for the yellow metal has crossed the level at $1,341. The next resistance will lie at $1,355. If bears take over the market, they will try to pull the price for gold lower towards the support at $1,320. The next key level will be placed at $1,305. Technical indicators, such as RSI and Stochastic show that the market is overheated. If Stochastic indicator forms a crossover in the overbought zone, it may provide a selling opportunity.
The yellow metal reached the highest levels in 6 years amid the global risk aversion.
The yellow metal could not stay for a long time near the $1,401 level.
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