Gold price drops but oil prices rise on stockpile draw

Gold is dropping back as hopes of trade negotiations rise, while a drop in US crude stockpiles has pushed the price higher.

Gold retreats on risk appetite revival

Gold is still unable to break $1550, moving lower once again on news of a possible revival of US-China talks.

Further declines head towards $1526 in the short term. Below this, $1490 comes into view. A break above $1550 is needed to confirm the bullish view once more.

WTI looking to test $57

Despite rallying yesterday on news of a drop in crude stockpiles, WTI was unable to hold on to most of the gains. However, it has managed to push higher in early trading today.

A close above $57 is needed to confirm the more bullish view, and a fresh decline targets $53 and then $52.

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