Gold prices remain in a range but WTl prices edge upwards
Gold prices have continued to move in a trading range, although they are still close to their recent highs, while oil is edging higher after stemming losses last week.
Gold still stuck in a range
The price of gold has been unable to re-establish bullish momentum over the past two weeks, despite two attempts to break and hold above $1430.
Dips to $1385 have found buyers, so for the moment a trading range has been established. A close outside of this range is needed to determine the next direction.
WTI attempts renewed move higher
Last week saw the price of WTI drop back from trendline resistance, but buyers have managed to stem the selling around $56.15.
Since Friday, the price has managed to edge its way above the 3 July high of $57.60 and, if it can move above here, a fresh challenge of downtrend resistance may come into play. The next areas of possible horizontal resistance are $59.40 and $60.20. A fresh move lower requires a close below last week’s low around $56.15.
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