Gold price rallies while oil price falters
Gold has enjoyed a series of gains, but WTI is stuck below $25.
Gold hits multi-session high
The price of gold has surged over the past week, rallying from $1460 to an eight-day high at $1640. The pullback from here currently in progress may provide a buying opportunity, if it establishes a higher low.
A bullish crossover in stochastics and/or moving average convergence divergence (MACD) may provide this. Further gains target $1700, while a move back below $1540 would start to suggest a deeper move, potentially towards $1480 and $1460.
WTI stuck below $25
WTI has not rallied as strongly as equities, remaining unable to move on above $25.00.
Rising trendline support from the 18 March low comes into play around $23.30, while a break above $25.00 targets $28.40. If the price drops below trendline support then $21.95 and then $20.60 become downside targets in the near term.
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