Gold and oil prices both revive
Gold has shrugged off some of Tuesday’s weakness while oil prices have made further headway to the upside.
Gold bounces back
The price recovered its losses yesterday and has bounced back, moving back in the direction of the 50-day SMA ($1754) and last week’s peak. If it can clear $1760 then the short-term bullish view is given another boost, and the reversal from yesterday’s weakness provides another indication that a bigger move higher is in play.
WTI uptrend back in play
Crude continues its rebound, moving back above the 50-day SMA ($61.26) and suggesting that the uptrend of the past five months is back in play. This bullish view remains in place unless we see a reversal back below $59 at least, with a drop below $58 handing the initiative to the sellers.
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