Gold price and oil price both steady after recovery

Gold recovered yesterday but is still stuck in a short-term downtrend, but oil prices are looking to break recent highs.

Gold falters after Tuesday recovery

While the price of gold bounced sharply from $1450 and has moved above the 50-hour simple moving average (SMA) at $1458, it now needs to break above yesterday’s highs at $1463 to open the path to more gains.

If this fails then a new lower high has been created and a bearish view remains in place, targeting $1450 and lower.

WTI looks to break recent highs

Having held its ground earlier in the week, the WTI price now needs to push on above $58.50 to revive the uptrend.

It has been testing this area over the past week, but a daily close above it still eludes the price. A turn back below $57.00 would begin to suggest a more bearish view, but even here the $56.50 level and the bottom end of rising channel support may come into play.

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