Gold price edges up but oil price still stuck near lows

Gold and oil are both off the lows seen earlier in the week, but both now face hurdles to further progress.

Gold rebound faces resistance

The gold price has succeeded in rallying off the mid-week lows, and if it can push on above $1570 then a resumption of the move higher may be in play.

This would target $1590 and then $1600. Meanwhile, a move back below $1560 suggests that a lower high has been created and that $1550 and lower is back in play.

WTI still stuck in consolidation

While the WTI price has rallied off the $49.50 level, upward progress over the past two days has been lacking.

A fresh drop tests $49.50 once again, while bulls will want to see the price clear Thursday’s peak at $52.00 to ensure that a bigger move higher will develop.

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