Gold price and oil price both attempting to rally
Gold is aiming to establish a new higher low, and oil too is aiming to find new bullish momentum.
Gold looks for bounceback
The price of gold fell sharply over the past two sessions, losing possible trendline support from the 17 July low.
A rebound targets $1430 and then $1450, if the price can begin to rally from the prevailing oversold conditions seen in hourly stochastics. Below $1415 the price heads towards $1400 and then $1390. If the price can create a new higher low here then the more bullish view remains intact for the time being.
WTI seeks to build a higher low
WTI prices continues to stabilise after their declines with the overnight dips below $56.00 finding support.
Further gains have moved towards the 100-hour simple moving average (SMA) at $56.58, and from there $57.00 and the peak seen early on Monday comes into play. If we are seeing a higher low being created at $56.00 after the double test of $55.00, then a more bullish view may develop, targeting $58.00. A drop back below $56.00 raises the prospect of another test of $55.00, and if this is broken then on down to $52.00.
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