Gold price and oil price both in retreat
Both gold and oil are losing ground this morning, hit by the rising dollar and virus fears.
Gold in retreat as dollar strengthens
Gold has been pushing lower over the past few sessions, carving out lower highs and lower lows.
The bounce on Friday ran out of steam at $1560, and further declines towards and below $1500 create a lower low. A rebound through $1600 is needed to provide a more bullish view.
WTI turns back towards recent lows
As with equities, so with WTI. Selling the rallies remains the approach here, as we saw on Friday when the bounce stalled at $34.00.
Further declines target last week’s low at $27.60 for now. Below this the next major area of support is 2002 and $15.50 a barrel.
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