Gold stumbles as oil edges down
Gold prices are attempting to recover from the recent downward move, while oil’s current pullback has reached the 50-day moving average.
Gold
Gold's rally has encountered a serious check, stalling at $1830 and dropping back towards $1800.
This is a possible lower high, but it may still be too early to tell. Further declines below $1800 would reinforce the negative view, while a bounce back above $1815 would begin to provide hope that the brief pullback is at an end.
WTI
Oil has returned to the 50-day simple moving average (SMA) at $69.90, after a run higher from late May that saw it reach fresh three-year highs.
This retracement establishes a potential higher low in due course, since the uptrend is firmly intact. Further declines below $69.90 would head towards $67.85 and then $65.46.
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