Gold price and oil price both rise
Gold is rising for a second day, while oil is holding near its recent highs.
Gold gains for a second day
Gold has not managed two days above the 50-day simple moving average (SMA) at $1477 since late October. But the bounce may well have legs, since it has broken through $1485.
If it has formed a low around $1455 then a push to $1520 may develop, with the price carving out higher highs and higher lows. A move back below $1460 negates this bullish outlook.
Brent holds at recent highs
The Brent crude price continues in its uptrend, having rebounded yesterday. It has now cleared trendline resistance from the 2018 highs, and targets $66.86 and higher.
A steady series of higher lows and higher highs provides confidence that further dips could be buying opportunities.
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