Gold price drops back but WTI crude oil price continues to recover
While gold is dropping back from its record highs, WTI is still making some progress in its counter-trend bounce.
Gold
The spot gold price has rebounded from overnight lows, but it continues to drop back within the context of a broader uptrend.
Some further short-term weakness could retest the February highs at $2950.00. The price dropped back from $3047.00 overnight, so a close back above this could signal a retest of the highs at $3055.00.
WTI
Oil prices have continued to move higher despite losses on Tuesday, and for WTI crude oil a push back towards $70.00 now looks likely.
A close above $70.00 would bolster the view that a new uptrend has begun, which opens the way to $73.00 and then $74.65. Sellers will be looking for a move back below $67.00 to signal that a lower high has formed.
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