Gold price still in uptrend while oil price looks to move higher

Gold’s surge has eased slightly but the uptrend is intact, while Brent crude is looking to continue Monday’s rally.

Gold edges back from peak

A modest pullback has materialised for gold, showing the wisdom of not chasing the price at these elevated levels.

A test of the 50-hour simple moving average (SMA) at $1922, or alternatively oversold readings for hourly stochastics, might provide the more interesting risk-reward outlook. This does not appear to be a moment for bearishness, since the overall uptrend in this time frame is still firmly intact.

Brent weakens after Monday’s rally

The Brent price cleared trendline resistance yesterday but has dropped back from $44.20, a level that has held back progress since Friday.

Sellers will need to push the price back below $43.00 to indicate that they have the upper hand, since declines over the past four sessions have been contained above this area.

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