Gold continues to weaken while oil begins to turn higher
Selling pressure continues to weigh on gold, while oil has shrugged off some brief weakness.
Gold
The gold price continues to retreat from $1900, having seen its upward momentum falter earlier in the week. A full-blown pullback would need a drop below $1860, but for now the sellers have the short-term advantage. Bulls will want the price to move back above $1895 to break trendline resistance and potentially open the path back towards the June peak.
Brent
Having pulled back over the past 24 hours from the most recent higher high, the price looks to be edging higher once again, forming a higher low around $71.50. Further gains target $72.60 and higher, maintaining the uptrend. Sellers have been unable to drive the price down, with little in the way of bearish price action so far.
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