_sm.png/jcr:content/renditions/original-size.webp "Gold price chart")
_Lg.png/jcr:content/renditions/original-size.webp "Gold price chart")
_sm.png/jcr:content/renditions/original-size.webp "WTI price chart")
_Lg.png/jcr:content/renditions/original-size.webp "WTI price chart")
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Gold keeps on consolidating
Gold has seen yesterday’s gains erased overnight, as the price consolidates around descending trendline resistance. That trendline originates from mid-2016, highlighting that over the long term we continue to create lower highs.
The ability to break higher from this sideways period would point towards a move into the next major resistance zone of $1303-$1307. Alternately, an hourly close below $1279 would point towards a more protracted move lower.
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