Gold edges down as oil recovers
Gold’s bounce has stalled, while oil is moving higher after some weakness earlier in the week.
Gold’s bounce stalls
Gold's short-term weakness continued into early trading this morning, although this only sees a small dent in the bounce of the past few days. Continued losses head towards $1765 and then the 50-day SMA at $1748. However, a bounce heads towards $1800, reinforcing the bullish view.
WTI recovers
If oil can recover $62 then a renewed move to $64 may be in the offing. The recovery back above the 50-day SMA ($61.65) helps revive a bullish outlook, with the bearish view in abeyance unless the price moves back below $61.
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