Gold price surges while oil price comes under fresh pressure

The price of gold continues its ascent, pushing through its mid-September resistance. Meanwhile, oil prices are heading lower once more.

Gold breaks mid-September peak

Gold shot higher yesterday, pushing above the mid-September high of $1520. Having taken out this level, it looks primed for further gains, in the direction of $1550.

The bullish view for gold will remain in place, unless we see a reversal below $1515.

WTI heads towards trendline support

Crude has pushed lower again, after edging up towards $57.00 overnight. More declines seem likely, as the price resumes its bearish trend.

The most hopeful thing for bulls would be a test of trendline support from the 7 August low, which would suggest a possible low of around $55.50.

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