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Gold price and oil price still climbing

Gold and oil have started the week on the front foot, and are looking to build on the gains made towards the end of last week.

Gold holds steady after surge

Having staged an impressive rally late last week, gold looks vulnerable to a short-term pullback, although this is likely to prove to be a buying opportunity if it maintains the sequence of higher lows seen since the June nadir at $1670.

It would take a reversal below $1720 to begin to dent this bullish view, and a move below $1705 would likely signal that the sellers are in charge once again.

WTI looks to June highs

The WTI price continues to climb, rising back towards $40.00 in early trading and continuing the uptrend from the mid-month lows.

A push above $40.80 takes out the high for the month so far and reaffirms the bullish view. Bears need to see the price reverse below $38.00 and create lower highs to provide even a short-term negative outlook.

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