Gold price bounces but oil price under pressure

Gold is moving cautiously higher, while oil prices are dropping back but remain in a rising channel.

Gold edges higher in early trading

Gold continues to retreat, and while the price has rebounded off the lows of Friday, it needs to maintain this push above $1475 to provide a more bullish view.

Any bounce that fails to move on above this would be a potential selling opportunity. Early October saw the price hold above $1458, so this might continue to be support. Below this the price heads to $1447, and then down to $1410.

WTI drops back after gains

While still in an uptrend from the October lows, the price of WTI has found it hard to push on above the 200-day simple moving average (SMA) at $57.40.

Dips towards $56.00 have found buyers, while below this the price may find support at the lower bound of the current rising channel, around $55.00. A rally through $57.60 would open the way to further gains and the top of the rising channel at $58.50.

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