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Gold price moves higher as oil price continues to fall

Gold is in favour again while oil prices have resumed their downward move now that the OPEC+ meeting is out of the way.

Gold finds new upward momentum

The rally continues in the gold price, as it was able to hit a new higher high yesterday.

The price has edged lower overnight, but may be forming a higher low above $1700. Further gains target $1740, while a deeper move lower would head towards $1680. For the time being, however, it looks like the advantage continues to lie with the buyers.

WTI pushes lower as demand concerns weigh

Having run into resistance around $30.00, the WTI price has begun to turn lower, pushing below $27.00, which was support last week.

A rebound towards $27.50 to create a lower high could throw up a fresh selling opportunity, while a more bullish view requires a move back above $29.00 to then bring about another test of $30.00 and higher.

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