Gold price still strong but oil price wilts
Gold continues to move higher, while oil’s overnight bounce is rapidly fading as the sellers take control.
Gold establishes new higher low
While the gold price fell back overnight, it established a higher low, maintaining the uptrend of the past three weeks.
Further gains target $1585, with a move above here needed to clear resistance and open the path to $1600. A more bearish view requires a move back below the higher low at $1570 and then the creation of a new lower low and lower high.
WTI still in bearish trend
While US Crude rebounded slightly last night, the bounce was small and has not changed the bearish view.
A lower high has been created, and with hourly stochastics and MACD rolling over further downside seems likely. A move back above the $53.33 lower high would begin to revive a more bullish view, but for the time being a test of $52.00 seems likely.
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