Gold price and oil price little changed in early trading

Both gold and oil have been fairly quiet so far, after the former broke out of a bearish pattern and the latter staged a recovery from yesterday’s lows.

Gold enters consolidation phase

After breaking out from the descending channel, the gold price has begun to move sideways – gains towards $1815 have faltered, and while we are seeing some weakness yesterday’s low at $1803 may hold.

Further losses bring Tuesday’s low at $1790 into view.

Brent hovers near to breakout level

The Brent price shrugged off early weakness on Wednesday, and has moved back to the area around $43.50 that has marked the peak so far this month.

The bullish view remains in place unless we see a drop back below $42.80, which may then see the price head towards $42.00 and $41.40.

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