Gold, WTI crude oil prices begin new year on a positive footing
Gold, WTI begin new year on a positive footing amid lower crude oil inventories.
Spot gold price rises
The spot gold price's late December recovery from the June-to-December uptrend line and Monday's $2,596.00 per troy ounce low is taking it towards its late December $2,639.00 high. Resistance above this level comes in along the 55-day simple moving average (SMA) at $2,663.00.
The June-to-December uptrend at $2,602.00 may offer support ahead of Monday's $2,596.00 low. Below it sits at the December low at $2,584.00. While it holds, further range trading is at hand but failure there would probably put the November low at $2,537.00 on the map.
WTI crude oil price probes key resistance area
The price of WTI front month crude oil futures contract probes the 71.03-to-72.59 key resistance zone following lower crude oil inventories. This technical resistance zone, which encompasses the August lows and September-to-December highs, may cap once more, though.
Were a rise and daily chart close above the 72.59 November high to be seen, though, the 200-day SMA at 75.17 might be back in the frame.
Slips may find support between the 71.28 August low and the 71.03 mid-December high. Further down meanders the 55-day simple moving average (SMA) at 69.57.
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