Gold price looks bullish while WTI price could be building market top
Gold looks primed for rebound, while WTI consolidation could point towards a potential top coming into play.
Gold shows signs of potential bullish rebound
Gold weakness through the end of April looks unlikely to last, with the rally through the $1714 resistance level highlighting a potential bullish resurgence coming into play.
The pullback we have seen this morning has taken us back into trendline and 50% Fibonacci support, highlighting a potential area for the pair to rebound. With that in mind, a bullish outlook holds unless we see a break below the $1682 support level.
WTI consolidation could mark a top after recent gains
WTI has been rangebound since Tuesday, with the price action largely confined to the $23.84-$27.39 zone within that time. With just a week left until the end of the June contract, we are likely to see questions resurface once more given the negative pricing seen at the end of the May contract.
With WTI having gained so much ground, there is a chance we could see this market start to reverse lower. A break below the $23.84 level would bring about a more confidence bearish outlook. Until that occurs, a break from this ascending triangle provides us with short-term directional signals.
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