Gold price and oil price both edge lower
Gold has stalled in its move upwards while oil is continuing to head lower for the time being.
Gold
Despite signs of caution earlier in the week the gold price has recovered and moved to a new one month high. It has even topped the 200-day simple moving average (SMA) at $1826.
While some weakness has been seen this morning there are few signs of a reversal as yet, which would develop with a drop below $1810. Further gains target the 50-day SMA at $1837, and then on to $1863.
WTI
The price continues to drop back, having come under pressure, but the uptrend is still firmly intact. A further decline towards the 50-day SMA is possible, but would still create a higher low.
Meanwhile, short-term trendline resistance from the peak would suggest resistance around $73.80 in the event of any recovery in coming sessions.
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