Gold price weakens while oil price strengthens
Gold remains under pressure, while oil prices are still looking strong despite a volatile day yesterday.
Gold still falling
The decline continues for gold, with intraday rallies such as that to $1500 yesterday providing fresh selling opportunities.
The price has yet to form a firm base, and a drop through yesterday’s low at $1485 would then target the 50-day simple moving average (SMA) at $1470. Intraday, the price has yet to recover the 50-hour SMA ($1496) so until this happens the outlook is firmly bearish.
WTI holds gains and moves higher
While volatile yesterday, the WTI price held above the 100-day SMA and created a higher low.
A fresh push higher targets $59.00 and then $59.40. The bullish view remains in place until we see a move back below $56.00.
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