Gold price moves up and oil price looks for recovery

Gold is still unable to muster up more than a small bounce, while oil prices are hoping to recover some of Friday’s losses.

Gold edging higher

The gold price has managed to push slightly higher, but upward momentum is still lacking.

Friday’s peak at $1465 is the first target, followed up by $1475-$1480, where gains stalled earlier in November. The $1450 level continues to act as support, with a drop below this targeting the $1445 low from 12 November.

WTI fights to recover Friday losses

Friday’s WTI price action saw the commodity drop out of the ascending channel pattern that has held, with one exception, since the beginning of November. This bearish development is not surprising, since upward momentum had been weakening of late with an inability to push on above $58 a feature of the past two weeks.

Bulls will note that Friday’s drop took the price back to the $55 area, which provided support in mid-November. If this can hold, then a rebound will target $57, and then on to $58. Further declines below $55 head to $54 and then $53.

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