Gold price continues rally as oil price struggles

While oil prices fight to rally, gold remains firmly in its recent uptrend.

Gold still in short-term uptrend

Gold leaped off rising trendline support on Friday, and continued to move higher, although it has failed to return to the $1780 highs seen earlier in the week.

The bullish view remains in place in the short term unless we see a reversal below $1740, while additional gains target $1780 and higher.

WTI fights to rally

WTI finds itself at a critical juncture, having seen the gains from Thursday eaten away on Friday.

A move below $37.00 reaffirms the short-term negative view, while a rebound targets $39.50 and then $41.50.


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