Gold price drops back while oil price holds its ground

Gold has dropped back to support at $1490, but oil prices are still looking to push higher.

Gold back to key support

Yesterday’s gold rally fizzled out below $1510 and the 100-hour simple moving average (SMA) and has now moved back to the $1490 support zone.

If this holds again, another bounce towards $1520 could be in the offing. Below $1490, $1480 comes into view, followed by $1450.

WTI keeps edging higher

WTI has continued to make higher lows over the past few days, although a move above $56.50 still eludes it.

Above here, the price targets $57.50, and then on to $58.80. A move back below $54.00 revives the bearish view.

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