Gold price edges up as oil price weakens

Gold is pushing higher while oil prices are still edging back from their highs of last week.

Gold heads back towards recent top

Gold has held the lower bounce of the current trading range, bouncing from $1670.

Now the test of the top end of the range at $1740 will come into view once again. A breakout either above $1740 or below $1660 is needed to establish the next direction for the commodity.

WTI edges lower in early trade

The bounce in WTI from last week’s lows appears to have run its course. However, with momentum heading towards a more ‘oversold’ condition, bears should tread carefully.

Below $19.70 the price heads towards $18.00, and from there a much deeper retracement beckons. Alternatively, a revival above $21.50 would provide a more bullish view and point the way towards higher prices.


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