Gold price holds firm while oil price heads towards support

Gold has held steady despite Wednesday’s drop, while oil prices may be nearing support.

Gold still holding above 50-day SMA

Despite Wednesday’s drop, the gold price has managed to stabilise above $1500 and the 50-day simple moving average (SMA) of $1493.

If this continues to hold then another move higher may develop, targeting $1531 and trendline resistance from the September high at $1557. A more bearish view requires a move below $1480, the lower bound of support that has held since early August.

WTI’s decline moderates

While still firmly on the back foot, the pace of declines for WTI has slowed dramatically this week.

Rising trendline support from the August low comes into play around $55.30, while a break above $57.00 would mark a push above the descending channel which has formed over the past two weeks.

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