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Gold price moves sideways while oil price tiptoes higher

Gold is still finding it tough to rally, while oil is edging up again as it continues to hold support.

Gains in gold still contained

The gold price continues to move sideways in a tight range. Rallies to the 200-hour simple moving average (SMA) at $1489 have proven to be the cue for sellers to step in, and with a rally from the lows of yesterday now back at the 200-hour SMA we may see a fresh turn lower.

Since 14 October the price has failed to breach $1495, so any close above here would be a bullish development. Areas of possible support would be at $1480 and $1477 if bullish momentum begins to wane.

WTI edging higher again

For WTI, the higher lows seen since 3 October remain in place, with a possible uptrend still helping the price to move further away from $52.00 and $53.00.

While overnight losses have seen the price drop back from the high of Monday’s session, fresh momentum from $54.00 may see another attempt to break through $55.00. The cautiously bullish view is negated if the price drops below $53.00.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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