Gold price and oil price march higher

Gold and oil are both on the up this morning, after a week of gains for both commodities.

Gold resumes upward move

The price of gold continues to find the strength to rally, clocking up a new higher high. It has edged lower this morning but may well find support at the rising trendline from the 12 February low.

This may provide the strength for a push towards $1590 and higher. Alternatively, further declines head towards $1574 and then $1562.

WTI continues rebound

The first half of February saw the price of WTI gradually bottom out around $50.00, and over the past week a steady recovery has developed.

A sequence of higher highs and higher lows intraday suggests continued bullish momentum, with $54.30 the next big target. A move back below $51.00 would dispel the bullish impression created over the past week.

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