Gold price holds support but oil price little changed

Gold is still struggling to move higher, while oil prices show no sign of breaking out of their current tight range.

Gold in narrowing triangle

Gold continues to adhere to rising trendline support from the 1 May low. A break below $1697 would push below this support and bring $1690 and then $1670 into view.

Alternatively, a rally towards $1715 hits trendline resistance from the late-April highs. In either case, the price is in a narrowing triangle formation that signals a possibly rapid and volatile breakout may be at hand.

WTI still unable to break out of range

Sideways movement continues for WTI, with no sign of a break above $27.00, and for now dips towards $24.00 providing support.

This very tight range would suggest a sharp increase in volatility when the price breaks out of this range.


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