Gold price on the up as oil price wilts

Gold has seen further gains as oil comes under pressure as risk sentiment turns cautious.

Gold claims new highs for the year

The rally in the gold price has been given further impetus by the turn in risk sentiment in equity markets, with the price pushing towards a new peak for the year.

Buying the dips appears to be the approach, and would remain the case unless we see a reversal below $1740 and the 200-hour simple moving average (SMA).

WTI firmly in bearish move

The WTI price has not been immune from the weakness in equity markets and risk appetite, with further downside likely to see the price test $35.00.

The bearish view remains in place unless we see a revival above $38.60, which might indicate that a higher low has been formed.

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