Gold price and oil price both head lower

Gold is dropping back as the dollar strengthens while oil is shedding some of its recent gains.

Gold edges towards bottom of trading range

Gold prices are heading towards the $1660 area, the low from earlier in April. If this holds then the $1660-$1740 range remains in place and a rebound towards $1740 could develop.

Alternatively, the price may break lower, bringing the 50-day simple moving average (SMA) at $1639 into view, followed up by the 100-day SMA at $1592 and then the $1570 level, previously support at the end of March.

WTI heads lower after trendline break

The WTI price has broken its short-term rising trendline, bringing a test of $18.00 into view.

Below this, $14.70 and then $12.30 are downside targets. A revived uptrend requires the price to move back above $21.00.


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