Gold price bounces while oil price hovers near lows

Gold is rallying after yesterday’s losses, while oil is attempting to move higher in early trading.

Gold bounces after heavy falls

Gold gave way yesterday afternoon, dropping towards the 200-hour simple moving average (SMA) at $1580.

It has since rebounded, but the price needs to get back above $1620 to restore a bullish view, and if this bounce loses momentum then we look for further declines once $1560 is broken.

WTI holds after yesterday’s losses

WTI was unable to hold the gains from earlier in the week, but it has not yet gone back to $21 and the previous lows.

A bounce above $23 might begin to point to a more optimistic short-term view for longs, but it seems like a test of $20 is only a matter of time.

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