Gold price and oil price both bounce from Thursday low

Gold and oil fell hard yesterday, and then bounced overnight, but already the move higher is running out of steam.

Gold rallies off Thursday low

The surge in the dollar knocked gold back hard yesterday, with the price dropping to $1560.

For now this price level is holding, but overnight gains appear to be contained at $1600. Above this $1650 comes into play, while a drop through $1550 support opens the way to $1536 and then to $1516.

WTI bounce begins to stall

WTI prices recovered from yesterday’s losses, but until the price exceeds $36.00 a further rebound is unlikely. Even then the price will have to close the week’s opening gap, heading towards $40.00.

Yesterday saw support develop around $31.00, so if this is breached then the Monday low at $27.60 comes into play.

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