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Gold looks to break higher as oil price consolidates following gains

Gold is looking to make headway while oil is consolidating following its recent surge.

Gold tests trendline support

The gold price dipped into the zone below $1800 last week but found buyers, providing a floor, but a firm break above the downtrend line seen since 15 July has yet to take place.

It is however testing the line in early trading, and above $1815 the price takes on a more bullish view. Sellers will be shut out of the picture unless they can get the price back below $1790.

WTI at a crucial point

Having surged from last week’s low the price is now edging back down, as the sequence of lower highs from earlier in the month comes back into play.

A move back above $72.70 would be a bullish development, and then open the way to more gains towards $75 and $77. Sellers will look for a move back below $70 that opens the path towards the recent lows.

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