Gold price stuck fast and Brent crude price held in a range

Both gold and oil have found themselves stuck, although for gold the range is a very narrow one indeed.

Gold drifts sideways

Gold continues to drift along below $1980, having found support yesterday near $1960.

A break above $1985 would clear recent resistance and open the way for a push towards $2000, while a more near-term bearish view would likely require a drop below $1940.

Brent still stuck in range

Brent crude has been unable to establish a new trend either higher or lower.

Gains since 23 July have been confined to $44.50, while dips towards $42.60 tend to bring out the buyers, with 30 July’s sharp dip being rapidly bought. Trend followers will have to wait for a break of the current range to provide confirmation of a fresh direction.

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