Gold price hits resistance while oil price pushes upwards
The price of gold is back to an area of strong resistance, while oil prices still appear to be on the up.
Gold back to key area of resistance
Gold finds itself returning to the $1480-$1485 area that has held back progress over the past four weeks.
A close above $1490 would see the price decisively clear this area and open the way to more gains. Alternately, a failure to push on, similar to what we have seen so far this week, would raise the prospect of a turn lower towards $1460.
WTI climbs once again
Tuesday’s late WTI rally was unwound after the price stabalised at $61.00, but if the price can hold the 50-hour simple moving average (SMA) at $60.28 then the trend is firmly intact.
Further gains head towards $62.00, while a turn below $60.00 would begin to suggest a deeper retracement is at hand.
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