Gold price and oil price on the up

Gold and oil are both rallying in early trading this morning ahead of the FOMC decision.

Gold makes further gains

The breakout continues in gold, with the price lifted by a rising 50-day SMA ($1929). Continued price action above this indicator supports the idea that we will see further gains towards $1990 and $2020, as the move back towards the August peak gets underway. A reversal below $1900 would cancel out this view, but for now the buyers appear to have the upper hand.

WTI strides higher

There is no stopping the WTI price at present, making gains early on in today’s session after a powerful bounce yesterday. Dips over the past few sessions have been buying opportunities, with this state of affairs likely to continue unless we see a reversal below $37.50.

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