Gold price and oil price both rebound from Friday lows
Gold and oil saw gains late on Friday, and while gold remains relatively strong, the oil price is beginning to run out of upward momentum.
Gold lifts off Friday low
Gold has managed to find support at $1570 and the 200-day simple moving average (SMA) at $1568.
This bounce may signal a fresh push higher, with $1660 an initial target, followed up by $1690. A move back below $1565 would negate the more bullish view, and bring $1550 into play, followed up by the 100-day SMA at $1523.
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WTI rebound coming under threat
Like equities, the WTI price chart rebounded late on Friday, but the bounce is looking a touch weak this morning. Gains have stalled below $47.00, and a failure to push higher risks the creation of another lower high.
The 50-hour SMA at $46.26 continues to act as resistance, suggesting a move back to Friday’s lows at $44.00. Upside targets lie at $47.80 and $48.40 for now. Until we see the creation of higher highs and higher lows intraday, the near-term outlook remains bearish.
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