Gold price and oil price edge off weekly highs

Both gold and oil have come off their highs of the week, although the overall upward moves remain intact.

Gold rally stalls

The bounce has stalled at $1750 for gold, and an initial turn lower will target the higher low from Monday at $1730, and then down to trendline support at $1720.

Alternatively, a fresh move higher heads towards $1765, reviving the longer-term uptrend.

WTI moves off highs

The price of WTI has edged back from its highs of the week, but we have yet to see evidence of a full reversal in the price action.

At present consolidation rather than retracement seems likely, possibly edging back towards $27.60 support. Above $32.00 the price targets $36.40.

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