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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved.

Gold price moves sideways as oil price continues to fall

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

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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.

Gold chart Source: ProRealTime
Gold chart Source: ProRealTime

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.

WTI chart Source: ProRealTime
WTI chart Source: ProRealTime

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