WTI and gold price grind higher
Outlook on WTI and gold as year draws to an end.
WTI trades in near one-month highs
Front month Oil - US Crude futures remain bid as supply concerns continue to dog the market with Tuesday’s high at 76.20 representing an upside target ahead of the 200- and 55-day simple moving averages (SMA) at 77.74 to 77.83.
Support below the 18 December high at 74.61 can be spotted along the December tentative uptrend line at 73.82. While the next lower low from last Thursday at 72.52 underpins, upside pressure should retain the upper hand.
Gold trades near three-week high
Spot Spot Gold’s rally from its mid-December $1,974 per troy ounce low has legs with the 2020, 2022 and May 2023 highs at $2,070 to $2,082 remaining within reach as the US dollar continues to slide. Above this key resistance zone lies the early December $2,121 all-time record high.
Potential slips should find support around Thursday’s $2,055 high ahead of the mid-December high at $2,048.
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