Gold price heads higher as oil price drifts sideways

Gold has continued to rally while oil has failed to push higher, despite recovering from the weakness late last week.

Gold continues to clamber higher

Gold continues its push higher, remaining solidly above the 50-day simple moving average (SMA) at $1740.

The decline towards $1790 has been reversed, although some resistance has been seen around $1810, so a fresh turn lower in early trading could bring Friday’s lows back into view. A fresh move higher heads towards $1815 and the recent highs.

WTI drifts sideways

Oil has seen little real movement over the past few days, but while the price has rallied off Friday’s lows, it has yet to push through the early-July highs.

A move back below $38 would suggest a deeper retracement is at hand however.


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