Gold price and oil price both edge down
Gold and oil are both running out of steam, although so far downside for both has been limited.
Gold still edging lower
The gold price has drifted lower since 3 October, with rallies first to $1515 and then $1500 and $1490 unable to hold their ground. Over the past week the $1475 area has become support, and a move below this brings $1460 into play.
In the longer term, this still looks like a broader retracement in the context of the move higher over the past few months, and as such any move above $1500 may generate fresh bullish momentum, targeting $1520 and higher. A move below $1460 would put further pressure on this view, but would not remove it entirely.
WTI back below $54
Hopes of a continued rally for WTI appear to have been dashed, as the price continues to retreat. However, price action over the past three days has managed to hold back further downside, holding around the $53.00 mark.
If it can push back above $55.00 then a rally is back in play, and even if not a daily close below $52.00 is still needed to suggest that a fresh push lower is underway. Intraday, the price needs to break out of its $52.60-$53.80 range that has held over the past three days.
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