Gold losses stemmed for now while oil rallies
Gold has managed to avoid further falls, while oil prices are rising once more.
Gold
Losses have stalled after the recent steep fall, with the price finding some respite around the $1789 level and the cluster of moving averages.
If buyers can mount a defence here a higher low is possible, opening the way to a recovery. However, further declines bring $1760 into view.
WTI
Unsurprisingly perhaps, the release of petroleum reserves was followed by a rise in the price, although gains have stalled at the 50-day simple moving average (SMA) of $78.69.
A close above $79 would clear this and the highs from last Thursday and reinforce the bullish view. Alternately a renewed decline brings $74.60 back into view.
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