Gold steadies around $1765 as oil holds close to $75
Gold’s recovery from its lows of the week has continued, while oil has edged back from yesterday’s highs.
Gold
Expectations of a renewed decline have been dashed as the price continues to defend the area around $1765, although it now needs to clear $1790 to establish a potential higher low. The sellers have been unable to hold down the price, moving the view from bearish to neutral, so now we must wait either for a break above $1790 or a reversal to, and then break below, $1765.
WTI
The deal yesterday by the Organization of the Petroleum Exporting Countries and its allies, a grouping known as OPEC+, allowed WTI to rally above $75, with no sign of a slowdown yet in the price’s gains. Rising trendline support from late May continues to provide the underpinning for further gains, and for now there is little bearish price action to point towards any substantial turn lower.
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