Gold and oil prices both move higher
Gold is on the up, but is still unable to retake recent highs, while oil is stabilising after yesterday’s drop
Gold moves up but still in downward passage
Bullish momentum continues to wane, as the gold price retreats from trendline support. A full reversal would target $1685 and mark a renewal of the downward move. A move above $1740 revives the bullish view and opens the path for a bounce towards $1765, but with the progression of lower daily highs still intact, a reversal lower currently seems the more likely outcome.
WTI edges up but remains below 50-day MA
The price of WTI has dropped below the 50-day SMA, after heavy losses yesterday. The longer-term uptrend is still intact however, and a potential recovery above $60 would mark the beginnings of a potential rebound.
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