Gold rallies as oil prices edge lower
Gold has managed to stage a recovery while oil prices are continuing to drop back from recent highs.

Gold
After edging up yesterday a more bullish view prevails once again, as the price returns to $1770. The real test will come with a move to the 50-day simple moving average (SMA) at $1776.
The previous attempt on Friday was quickly knocked back, and a similar failure to break higher will damage the bullish view.

WTI
Some of the bullish momentum has cooled in the past three sessions, but this gentle decline has yet to turn into anything more serious for WTI.
Trendline support from mid-September still holds, and only a move below $78 would point towards the development of a more substantial pullback.


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