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Gold price moves higher as oil price turns down again

Gold is still moving higher but oil prices have been unable to hold on to yesterday’s late gains.

Gold uptrend contines

Those expecting further gains in gold will be watching to see if this pullback towards the rising 200-hour simple moving average (SMA) at $1682 turns into another buying opportunity.

It would form a new higher low and continue the uptrend. Since the latter half of March the price has continued to push higher, and we are yet to see the creation of lower highs and lower lows that are a requirement of a downtrend.

WTI turns lower again

Despite bouncing from the lows yesterday, WTI has already begun to fall again, dropping back from $26.00 and reviving the downtrend.

A push below $24.40 and yesterday’s low creates a lower low and reinforces the downward move. Further declines head towards $22.00 and then $20.80, while a more bullish view needs to see the price move back above $26.00.

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