Gold prices and oil prices stall after recent gains

After gains earlier in the week, both gold and oil have run into resistance.

Gold hovers around $1500

A modest pullback of gold yesterday found buyers, and overall the trend is still up, but moves above $1500 have been limited.

A move below $1490 could signal that a short-term top is in, while above $1510 the sequence of higher highs is back in action, giving further strength to the uptrend.

WTI edges up off the lows

The price of WTI has made tentative gains, rebounding from Wednesday’s lows but still firmly in a downtrend over the past week and more.

Gains above $53.00 have been impossible to sustain, so while the buyers might have stepped in this week to defend $52.00, they now need to push the price back above $53.00 and then $53.70 to start carving out some higher highs and put the price back above key hourly moving averages.

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