Gold price edges back as oil price drops sharply
Gold has not benefited from the sudden resurgence of volatility, while oil prices are giving back some recent gains.
Gold still not moving higher
Trendline resistance from the mid-May highs helped to hold back progress, and further declines today look likely to bring $1709 and the 50-day simple moving average (SMA) into view, while a longer-term move down targets $1680 and the early-June lows. A rally through $1740 clears the way towards $1750 and $1765.
WTI steadies after losses
Having stalled mid-week below $39.50, the WTI price dropped sharply yesterday. Declines have been stemmed for now above the 100-day SMA ($34.92), but a further drop targets $31.00 and then $28.33 the rising 50-day SMA.
Today’s price action will be vital, with a bounce towards $38.00 that creates a lower intraday high likely to create more selling pressure.
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