Gold price and oil price both in retreat

Both gold and oil are coming under pressure this morning, after losing their grip on mid-week gains.

Gold turns down after hitting resistance

The price of gold has been unable to hold its ground, with intraday bounces running into selling pressure.

Yesterday’s surge to $1670 was a case in point, and with the price now below $1650 the sellers are firmly in control. Further declines head towards $1590 and then $1570, while a break above $1565 and then above $1670 begins to build a more bullish view again.

Brent pushes lower again

As might be expected, Brent crude’s high early on Wednesday marked the peak for the week and now we see further selling that will target Monday’s lows.

The price has been unable to hold gains, with sellers regaining control over the past 24 hours. $31.50 is the initial target, but this could easily be breached in coming days.

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