Gold price and oil price edge lower
Gold has edged back from the highs of yesterday’s session, while WTI has fallen back below $43.
Gold edges off Tuesday’s peak
The price of gold continued its recovery yesterday, rallying back above $2000. It has dropped back overnight, but if it can form a higher low around $1985 then we may see the uptrend continue and the recovery make further progress. Continued losses below $1980 call this view into question, although a more bearish view would likely require a drop below $1930.
WTI falls back below $43
Oil prices are generally moving higher for the month so far, although WTI has yet to surpass the peak seen on 5 August. In addition the strength seen earlier in the week is ebbing away, with the price dropping back after briefly moving above $43. A rally above $43.30 would clear trendline resistance and put the price on course to challenge the early August high. Alternately a drop below $42 begins to put a more bearish spin on the outlook.
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