Gold price and oil price both in full retreat
Gold and oil are both continuing to lose ground, as the US dollar carries all before it.
Gold driven lower
It continues to be a tough week for gold, as the price drops to a near two-month low. So far there is little sign of a recovery, with a move below $1450 opening the way to the 100-day simple moving average (SMA) at $1427.
An intraday rebound towards $1475 may find fresh resistance, and even a bounce towards $1490 might not reverse the bearish short-term view.
Brent fails to find a low
Yesterday’s Brent price slump put paid to the view that the price was finding a low above $60.00. However, it is still in an uptrend, defined more by higher lows than higher highs. If the price can stabilise somewhere above the early September low of $58.50 then a turn higher may yet result.
That being said, the price continues to create lower highs intraday, and a rebound towards $61.00 may continue to fit this pattern.
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