Gold and oil head in different directions
Sellers rule in gold at present, while the buyers have oil prices firmly in their grasp.
Gold
Gold prices continue to head lower, with little sign of any respite for the time being. Overall the sellers are in charge, and as the price drops through last week’s lows around $1740 the bearish view is reinforced.
Rallies such as we have seen over the past week tend to encounter selling, with buyers unable to establish a hold above $1770, then $1760, $1750 and now $1740.
WTI
Any of the jitters affecting equities are not being felt in oil prices, which have made another leap, this time towards the July peak at $76.47. Just as the sellers in gold are in charge there, so the buyers are in the driving seat here.
There has been little in the way of downward movement, with the uptrend firmly re-establishing itself in the past five sessions.
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