Gold still edging down as oil continues to rally
Gold is moving down again but oil’s price action remains firmly bullish.
Gold
Gold continues to butt its head against short-term trendline resistance from the June top, but without much momentum to the downside for the time being. A break below Monday’s $1880 level will reinforce the bearish view and bring $1855 into view. Alternately, buyers need to recover $1895 to break trendline resistance and open the way to a new leg higher.
WTI
Oil prices remain in strong form after another bounce yesterday that carried the price to a new three-year high. Yesterday’s dip was the first real downward move in several days and was greeted with fresh buying momentum, confirming the strength of the upward move. For now there is little prospect of a bigger move lower.
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