Gold price still under pressure as oil drops below support
Gold has been unable to rally even as it holds support, while oil has taken heavy losses even as buyers come in at the lows of the week.
Gold quiet following downward move
The gold price has not shown any signs of mounting a significant rally, but for now it is holding above the lows of the week. A recovery above the 100-day SMA ($1890) would help to suggest a new push higher in the near-term, although a break above $1930 is needed to clear the mid-October lower high.
WTI steadies after losses
Once more the WTI price finds itself below previous support, having broken sharply lower. Sharp losses yesterday took the price towards $35, but buyers came in below $36 to provide some support, with a similar feat performed today. If this marks a possible low then a move back above the 200-day SMA ($37.69) would help to reinforce the expectation of a near-term move higher.
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