Gold declines as oil price makes headway
Gold is still edging lower but oil is enjoying strong gains.
Gold
The gold price continues to drop back, although without much enthusiasm.
A move below $1795 is still needed to develop a more bearish view, while a recovery above $1810 would begin to suggest another push towards $1830 is in the offing.
Brent
Yesterday’s sharp rebound carried the price back to the 50-day simple moving average (SMA) of $71.99, and was accompanied by a bullish stochastic crossover which reinforces the bullish view and the higher low from earlier in this week.
Further gains head towards trendline resistance from the July high. The bearish view has been negated with Wednesday’s bounce for the time being.
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