Gold price holds firm while oil price heads towards support
Gold has held steady despite Wednesday’s drop, while oil prices may be nearing support.
Gold still holding above 50-day SMA
Despite Wednesday’s drop, the gold price has managed to stabilise above $1500 and the 50-day simple moving average (SMA) of $1493.
If this continues to hold then another move higher may develop, targeting $1531 and trendline resistance from the September high at $1557. A more bearish view requires a move below $1480, the lower bound of support that has held since early August.
WTI’s decline moderates
Rising trendline support from the August low comes into play around $55.30, while a break above $57.00 would mark a push above the descending channel which has formed over the past two weeks.
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