Gold price stuck at resistance while oil price is edging higher
Gold has run into resistance, while oil prices are still advancing thanks to a rise in US demand.
Gold falters at $1423
The price of gold has been in a descending channel since 25 June, with a rally to $1423 running out of steam, creating a lower high.
Further declines could head towards the lower bound of the channel at $1394. A move above $1424 is needed to see a breakout from the current channel.
WTI still in uptrend
WTI continues to climb, moving above the 50-day simple moving average (SMA) of $59.01. More gains head towards $60.15, and then $63.75.
A move above $60.20 would mark a break higher from trendline resistance and April highs. A move back below $58.00 would suggest a more bearish view, potentially resuming the post-April downtrend, targeting $51.00.
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