Gold price and oil price both struggling to move higher

Commodity prices have remained relatively quiet over the past 24 hours, with both gold and oil unable to push higher.

Gold clings to support

The gold price continues to bounce along above $1450, but shows little inclination at present to move higher.

Tuesday’s lower high at $1463 is the first target in any push higher, while a move below $1450 brings $1410 and then the 200-day simple moving average (SMA) at $1401.60 into play.

WTI stuck in narrow range

Gains for the WTI have stalled at $58.50, but the $57.40 level has held as support this week so any bigger move lower needs to breach this level.

Meanwhile, a rally above $58.50 would open the way to the upper bound of the channel towards $60.00, with $59.40 a potential area of resistance first.


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