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Gold price edges back as oil price drops sharply

Gold has not benefited from the sudden resurgence of volatility, while oil prices are giving back some recent gains.

Gold still not moving higher

The volatility in indices did not prove to be much of boon for gold, which yesterday struggled towards $1740 before starting to drop back again.

Trendline resistance from the mid-May highs helped to hold back progress, and further declines today look likely to bring $1709 and the 50-day simple moving average (SMA) into view, while a longer-term move down targets $1680 and the early-June lows. A rally through $1740 clears the way towards $1750 and $1765.

WTI steadies after losses

Having stalled mid-week below $39.50, the WTI price dropped sharply yesterday. Declines have been stemmed for now above the 100-day SMA ($34.92), but a further drop targets $31.00 and then $28.33 the rising 50-day SMA.

Today’s price action will be vital, with a bounce towards $38.00 that creates a lower intraday high likely to create more selling pressure.

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