Gold prices steady while oil prices fight to hold overnight lows

Gold prices remain confined to the ongoing trading range, but oil has fallen sharply after a lessening of Iran tensions.

Gold drifts towards $1400

Gold’s attempts to move on above $1400 has faltered, with $1420 acting as resistance.

The focus is now on whether the buyers can hold $1400. If not, $1385 comes back into view. The longer-term trading range still holds, with $1385/$1440 as the current levels of support and resistance.

WTI steadies after steep drop

WTI’s sharp drop yesterday has put a dent in the bullish thesis, but has not undermined it entirely.

If the bounce from the overnight low at $57.00 continues, then a higher low may have been created. The next stop on the upside would be $61.00, and then on to $62.56. Below $57.00, $56.00 is the next area of possible support, and then down to the early-June low at $51.00.

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