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.
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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.
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