Oil price heads for first annual loss since 2020 while gold rallies
Outlook on Brent crude oil and gold amid low volume trading into year-end.
WTI heads for first annual loss since 2020
Front month Oil - US Crude futures took another hit amid ample supply and slowing demand growth and are on track for their first annual loss since 2020.
A slip through Friday’s 71.73 intraday low may lead to the minor psychological 70.00 region being back in focus.
Minor resistance above the 21 December 72.51 low can be found around Tuesday’s 73.19 low.
Gold comes off its three-week high
Spot Spot Gold’s advance from its mid-December $1,974 per troy ounce low has briefly exceeded the 2020, 2022 and May 2023 highs at $2,070 to $2,082 by rising to $2,088 on Thursday before giving back some of its recent gains as the US dollar appreciated amid short-covering.
A fall through Thursday’s $2,065 low would push Thursday’s $2,055 high and the mid-December high at $2,048 to the fore where the gold price is likely to hold into year-end.
Good resistance remains to be seen at $2,070 to $2,088.
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