Gold price and oil price both looking stronger
Gold has hit a one-month high, while oil is looking for more gains after stabilising over the past two sessions.
Gold bolstered by risk-off atmosphere
Gold has enjoyed an excellent week so far, rallying to the 50-day simple moving average (SMA) at $1483 and hitting its highest level in almost a month.
Further gains target $1495 and then $1515. Dips towards $1465 may provide further buying opportunities, with little sign so far of any near-term reversal.
WTI readies for break higher
For the moment, the price of WTI has managed to stabilise, with small gains over the past 36 hours – a firm defence of $55.00 was followed up by a push back to $56.50 that put the price back above the 50-hour SMA ($56.16).
Now the price must push on above $56.50 to confirm a more bullish view. A dip back to $55.00-$55.50 would test this bullish view, but a bearish view requires a move below $55.00 to open the way to $52.93.
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