Gold price and oil price both rise

Small gains have been seen in gold and oil this morning as both commodities build on two bullish sessions.

Gold on the rise

The gold price has gained steadily over the past two days, although a push above Monday’s high is still yet to occur.

If the price can clear $1580 then the way is clear to target $1590 and the late-January peak. Trendline support from the 5 February low would see $1570 as possible support, with a move below this opening the way to $1560 and then $1548.

WTI pushes back towards $52

The past two weeks have seen the price of WTI bottom out (for the time being) above $49.50.

The rally from the lows of the month has reached $52.00. A close above this level would be a bullish development, targeting lower highs from late January at $53.30 and $54.20.

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