Gold price falters as oil price edges higher
After a recent run of gains gold is slowing down, while oil prices have managed to put in some early strength today.
Gold stalls below 50-day SMA
The steady climb of the past week in gold has finally encountered some weakness, faltering for now at the 50-day SMA ($1878). Sellers will be eagerly watching for a lower high to form in coming sessions, indicating a resumption of the post-August downtrend. Alternately, we look for a move above $1878 to continue to provide evidence of a near-term rebound, as the longer-term post-2018 rally continues.
WTI edges back towards $47
There has been little movement in WTI over the past two days, with the slight bias to the downside persisting. However, it has yet to turn into a full-blown pullback, which would be suggested by a move below $44. Until then the consolidation of the past three weeks goes on, while a move above $47 could ignite a move higher.
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