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Gold price falters as oil price keeps rallying

Gold is on the back foot again while oil prices have managed to move higher.

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Gold struggles to hold gains

The bounce in gold from last week is now a distant memory and the price has retraced much of the rally from Wednesday’s lows.

If the price can recover from above $1700 then another attempt to clear $1720 may be in the offing, which would bring $1745 into view. Alternatively, we look for a drop below $1690 that opens the path to $1670.

Gold chart Source: ProRealTime
Gold chart Source: ProRealTime

WTI continues to climb

WTI is now in the gap down zone from early March, with the upper bound of the gap at $41.40.

Further gains take the price on towards $46.55, the 200-day simple moving average (SMA). As with indices, we have little sign of a reversal in play, and this morning’s move higher merely intensifies this uptrend.

WTI chart Source: ProRealTime
WTI chart Source: ProRealTime

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