Gold price and oil price both make gains
Both oil and gold have been able to move higher over the week, with particularly strong gains for the former.
Gold edges up
The Spot Gold price finds itself at a crucial juncture, having rallied after the drop in Tuesday’s session. It is now back at the $1915 area that marked the high over the past two weeks, and is also back at trendline resistance from the August high. A rally above $1920 would mark a break higher from both these resistance areas. Rising support from the September low comes into play around $1880, while a more bearish view requires a drop below $1850.
WTI climbs above 50-day SMA
In a fairly momentous development the oil price has succeeded in closing above the 50-day SMA ($40.90) for the first time since the end of August. Having shrugged off the weakness seen at the beginning of October the commodity is now carving out higher highs and higher lows, with further gains targeting $43.54. With rising momentum indicators such as MACD the outlook appears congenial for buyers, with no sign as yet of any meaningful reversal. That would need a drop back below the rising 100-day SMA ($39.95).
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