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Gold price and WTI price likely to rise despite consolidation

Gold pullback unlikely to last, while WTI consolidates after a bout of substantial gains.

Gold pullback likely to resolve with another move higher

Gold has pulled back as markets move higher, yet that decline is easing after finding support on a descending trendline.

Whether this trendline holds or not, this looks like a retracement phase before we move higher once again. As such, a bullish view holds unless we see a break below the $1692 support level.

WTI consolidates after recent gains

WTI has been on the rise over recent weeks, with yesterday’s June expiry adding greater confidence that we will not see another huge sell-off again at the end of a front contract.

The recent break through 3157 provides us with a fresh two-month high, yet the price is consolidating around that level. A break back below the 3110 level would provide us with a bearish picture for the short term. However, until that happens, it looks likely we will ultimately push upwards from here to continue the recent bullish trend.

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