Gold price moves sideways as oil price continues to fall

Gold is unable to break higher, while oil prices remain under pressure.

Gold stuck in a narrow range

The price of gold has spent most of the week recovering from its initial losses, although for the moment gains appear to be capped around $1660.

A break above here targets the peak from Monday at $1690, while dips over the past few days have found buyers at or below $1630. Thus we have a clear near-term range for the time being, with no indication yet of a break out in either direction.

WTI still unable to rally

WTI continues to trade in a similar fashion to indices, trending lower over the week so far.

Yesterday’s bounce was brief and merely established resistance at $50.50. A lower low was then created, maintaining the downward move. The next major targets are $44.00 and $42.20 to the downside.

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