Gold prices and oil prices stall after recent gains

After gains earlier in the week, both gold and oil have run into resistance.

Gold hovers around $1500

A modest pullback of gold yesterday found buyers, and overall the trend is still up, but moves above $1500 have been limited.

A move below $1490 could signal that a short-term top is in, while above $1510 the sequence of higher highs is back in action, giving further strength to the uptrend.

Gold charts Source: ProRealTime

Gold charts Source: ProRealTime

WTI edges up off the lows

The price of WTI has made tentative gains, rebounding from Wednesday’s lows but still firmly in a downtrend over the past week and more.

Gains above $53.00 have been impossible to sustain, so while the buyers might have stepped in this week to defend $52.00, they now need to push the price back above $53.00 and then $53.70 to start carving out some higher highs and put the price back above key hourly moving averages.

WTI chart Source: ProRealTime

WTI chart Source: ProRealTime


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