Gold prices edge up while oil prices begin to find support

Oil’s weakness over the past few days may be abating, but gold is still stuck within its current trading range.

Gold still stuck in range

The rally of gold from the $1400 zone, the middle of the current trading range, continues.

Further gains target $1440 and the top end of the current trading range, while declines head towards $1384. This range has been in existence for nearly a month, so could prove hard to break. Conversely, when it does finally break, the resulting move may be dramatic.

WTI drifts lower

WTI continues to consolidate after its strong move higher last Wednesday. However, the price is bouncing from $60.00 and may continue to push higher.

Further gains target $61.00, and then on to $62.56. A continued decline would target the 100-day simple moving average (SMA) at $59.35, while rising trendline support comes into play just above $59.00.

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