Gold price little changed as oil price faces tough choices
The gold price has been quiet so far, while oil prices are looking for some clear direction after last week’s losses.
Gold moves sideways
Gold has not really broken through trendline resistance so much as it has drifted through it without noticing. The price continues to amble along in a sideways fashion, holding above its recent area of support, and also above the 50-day SMA ($1923) while not yet breaking higher. A rally from current levels targets $1985 and then $2013. A more bearish view still requires, as it has done for more than a month now, a break below $1900.
WTI in triangle pattern
After the losses of September so far, the WTI price has held the rising 100-day SMA ($37.34). A break above $38 would clear trendline resistance from last Tuesday’s high and give weight to a more bullish view. Alternatively, we look for a break below rising support from the Tuesday low that also takes out $37 to clear a path to further downside.
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