Gold price and oil price still in retreat
Gold and oil have both moved lower, although the latter is more of a retracement compared to the former’s ongoing downtrend.
Gold still under pressure
Gold has been unable to find a low for the time being, falling below $1800, and dropping below the 200-day SMA for the first time since March. A drop through $1765 could bring a test of $1670. The price finds itself at the lower bound of a descending channel, which may provide hope for a short-term bounce towards $1850.
WTI drops back towards support
The price of WTI has edged back to the rising trendline of the past month. A break below support would target $42.50, providing a more bearish view in the short-term. Once the OPEC meeting is out of the way a more defined direction may emerge, but a move back above $46 re-establishes the more bullish view.
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