Gold price stuck near support as oil price retests lows
Gold remains stuck in a narrow range as oil looks set for another fall.
Gold drifts along above $1460
The gold price has been moving sideways for a week now, with gains contained by trendline resistance, as we saw on Friday, but support around $1460 preventing any further downside.
A break above $1500 will hit trendline resistance, while from there $1520 and $1540 will come into play. Below $1460, $1265 is the next target.
WTI slumps back to $22.00
It was a volatile week for crude oil, to say the least, with steep declines and sharp rallies for WTI.
But a bounce on Friday towards $28.00 met with fresh selling, and while the price is holding at $22.00, the price may well push back below $20.50, and then below this $18.50 and then $10.00 come into play.
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