Gold price holds above Monday low while oil price pushes higher
Gold continues to hold above Monday’s low, while Brent prices have pushed higher overnight.
Gold still forming a higher low
The price of gold drifted back from the opening high throughout the session, but it has yet to fill the gap entirely.
The price continues to form a possible base, with a move below $1485 negating the possible bullish view. Any sustained move higher requires a push through $1510 and then the $1515-$1520 area that stifled progress last week.
Brent adds to Monday’s spike
For now, the price of Brent continues to build on the gap higher seen yesterday, pushing through the July highs around $67.50.
Further gains target $69.23 and then $70.85, with a reversal below $66.50 likely to provide a more short-term bearish view, but arguably a continued filling of the gap higher is a positive development from a bullish viewpoint, as it may provide a better risk-reward dynamic.
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