Gold and Oil Test 50-Day Moving Averages

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Includes: DBO, GLD, IAU, OIL, SGOL, USO
by: Bespoke Investment Group

After sharp pullbacks from extreme overbought levels in just a few days, both gold and oil now find themselves testing support at their 50-day moving averages. If the 50-days hold, technicians will be looking for another run to new highs. If not, the chart patterns for both commodities will look much less attractive.