Gold price drifting down while oil price looks to continue its rally

Gold seems to be poised to turn lower again, while oil prices have recovered and are now targeting further gains.

Gold under pressure again

The drift lower continues, as the gold price runs out of steam below the 100-day simple moving average (SMA) at $1482. If it can stage a recovery above this level then a more bullish view emerges.

Further declines below $1460 and $1445 would bring the 200-day SMA at $1368 into play.

WTI pushing higher after strong recovery

Two solid days of gains have seen the WTI price continue to move above the 200-day SMA at $57.54.

This revival of the bullish trend now targets the top end of the ascending channel at $60.00. Intraday pullbacks may continue to find buyers as bullish momentum resumes.

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