Gold price recovers while oil price stuck below resistance
Dollar weakness has allowed gold to stage a recovery from yesterday’s lows, but oil continues to mimic indices with a notable lack of bullish momentum.
Gold looks to recover
Gold has seen some recovery from the lows of Thursday’s session, which sets up another push towards $1815 and the highs of the week.
The recovery from the zone around $1790-$1795 helps to revive the uptrend, and it would take a lower high to indicate a more negative view is developing.
WTI still stuck below resistance
As with indices, a resumption of the move higher still eludes the WTI price.
Oversold stochastics and a low moving average convergence/divergence (MACD) reading might set up the potential for another push towards $41.50. Since 25 June, the price has seen several higher lows, most notably twice this week, so any dip towards $40.00 may see fresh bullish momentum develop.
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