Gold price falls and oil price falters at resistance

Gold is in retreat this morning, and another attempt by oil to break higher has failed.

Gold remains under pressure

We may be on the cusp of a bigger retracement in gold, although previous support at $1490 may come in to play to prevent this.

Nonetheless, even a deep pullback towards $1440 would leave the broader uptrend intact. A rebound above $1510 would then suggest a move back towards $1550.

WTI stumbles again at resistance

WTI’s valiant attempt to push higher yesterday came to nought, as $57 remains solid resistance.

The price may now push back towards $53, renewing the current trading range. Bulls will have to wait for a close above $57 to suggest a move higher is underway.

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