Gold price and oil price struggle to move higher

Gold and oil have both started the week on a mixed footing, attempting to resume recent moves higher but running into some difficulty.

Gold struggles to move higher

The gold price is seeing some weakness for the first time in almost a month, testing rising trendline support from the mid-July jumping-off point.

If the price holds $2020 then a new push higher may develop, while below $2020 we look for the lower highs that may signal that start of a wider retracement.

WTI bounce falters

After rebounding on Friday, the WTI price is struggling to maintain its move higher.

However, having cleared trendline resistance from last week’s peak the price may yet be able to muster up fresh bullish momentum, targeting $42.50 and higher. A reversal below $41.50 would negate last Friday’s trendline break higher.


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