Gold price falls as oil price holds its ground
Gold is still falling even as oil prices find some support in the short term.
Gold price declines again
There is still no sign of a rally here, the gold price having dropped yesterday to its lowest level since late July. Intraday rallies continue to be selling opportunities it seems, with a move below the 100-day SMA at $1844 opening the path to $1765. As yet the price has not provided any indication of a turnaround, with the bearish view continuing to prevail.
Brent sandwiched between two moving averages
Having fallen back from the 50-day SMA ($43.83) last week the price of Brent has returned to the 100-day SMA ($41.50). With lower highs in late August and now mid-September in place, the bearish view has the edge, with a drop below $41 targeting the mid-September low at $39.60. A rally above trendline resistance at $44.15 would mark a potentially bullish development.
Chris first started at IG in 2010, and in that time has become a regular commentator and analyst for the financial press and TV, with appearances on all the major financial channels as well as the BBC and Sky News. His background is in equity research and analysis, and he uses these skills to provide in-depth reports on stock market movements.
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