Gold prices remain in a range but WTl prices edge upwards

Gold prices have continued to move in a trading range, although they are still close to their recent highs, while oil is edging higher after stemming losses last week.

Gold still stuck in a range

The price of gold has been unable to re-establish bullish momentum over the past two weeks, despite two attempts to break and hold above $1430.

Dips to $1385 have found buyers, so for the moment a trading range has been established. A close outside of this range is needed to determine the next direction.

Gold chart Source: ProRealTime

Gold chart Source: ProRealTime

WTI attempts renewed move higher

Last week saw the price of WTI drop back from trendline resistance, but buyers have managed to stem the selling around $56.15.

Since Friday, the price has managed to edge its way above the 3 July high of $57.60 and, if it can move above here, a fresh challenge of downtrend resistance may come into play. The next areas of possible horizontal resistance are $59.40 and $60.20. A fresh move lower requires a close below last week’s low around $56.15.

WTI chart Source: ProRealTime

WTI chart Source: ProRealTime


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