Gold price turns down while oil price recovers
Gold’s apparent recovery has turned sour, while oil is rallying in line with other risk assets.
Gold moves lower once more
Friday’s higher low proved to be a false dawn, as the gold price failed to rally through $1470 and then continued to fall.
If this marks a resumption of the downtrend, with the price having failed to pierce the 200-hour simple moving average (SMA) at $1469, then the next target is the $1445 area, and from there the 200-day SMA at $1395. A push through $1470 and then $1475 is needed to provide a more bullish view.
WTI turns higher after consolidation
Risk appetite in WTI rebounded on Friday, lifting oil prices back to the $57.60 area that marked their high-water mark for the month so far.
A break above here targets the top end of the current ascending channel, around $59.00. Friday saw support around $56.50, so if this still holds then higher lows from here become buying opportunities.
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