Gold stuck below resistance while Brent trades near October peak
Gold is stuck below resistance while Brent crude oil is close to its October peak ahead of US retail sales and consumer confidence data.
Gold
Gold is still trying to reach its early January high at $1832 but so far to no avail. The price of the yellow metal seems to be waiting for further impetus which may arrive once the December US retail sales report and the January University of Michigan consumer confidence survey have been published later today.
While $1832 caps, a slide back towards the mid-December high at $1814 may ensue. Further down meander the 55-day simple moving average (SMA) at $1807 and also the 200-day SMA at $1802.
Only a break above the $1832 early January peak would confirm that the December-to-January uptrend remains intact with the November high at $1877 remaining in the pipeline.
Brent on track to reach October peak
Brent crude oil’s ascent has taken it to within a whisker of the $85.85 October peak, a rise above which would put the June 2012 low at $89.04 in its sights.
The price of oil is underpinned by support found between the $82.77 early January high and the two-month uptrend line at $82.62.
Medium-term upside pressure should prevail while the next lower $80.28 to $80.00 10 January low and psychological support hold.
Related articles
Live prices on most popular markets
- Equities
- Indices
- Forex
- Commodities
Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.