Gold price edges up as oil price goes into retreat
Gold is reaching a crucial point while oil prices have declined sharply in early trading.
Gold struggles between two moving averages
The gold price has failed to make much headway to the upside or the downside in recent weeks, although there has been some buying of the lows in early trading. Last week saw a failure at the 50-day SMA ($1921), and the price now finds itself sandwiched between a falling 50-day MA and a still rising 100-day SMA ($1883). Momentum indicators look to be rolling over, with stochastics already having done so and MACD potentially following suit. Further declines could bring $1850 into play once again, while a move through $1932 could open the way to $1974 and the early September highs.
WTI slumps to three-week low
The pre-existing decline in oil prices has ramped up this morning, with steep losses in early trading. Having fallen below the $39.60 area of support the sellers look to be firmly in charge, with a bigger decline heading toward the area around $37 that marked the low in September and early October. Bulls will need to see a recovery back above $40 that might begin to provide the hope of a move back towards $41.50.
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