Gold slips below support as oil comes under pressure
Gold has broken to the downside after more than a week of indecision, while oil prices are also coming under some selling pressure.
Gold
Having finally lurched below $1765 support, the price now seems set on a bigger move to the downside, taking in $1720 and then $1685. After a closely-fought contest the sellers seem to have wrenched control, with the bullish view firmly out of the way for the time being.
WTI
Oil has recovered from yesterday’s lows but for now is holding below $73. This weakness so far today is not unduly concerning for the buyers, unless we see a bigger move back below $72. This could then signal a move back towards $70 in the near-term. Further gains above $73 signal a revival of the uptrend.
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