Gold price rallies while oil price continues to fall

Gold is on the up again, attempting to establish a fresh higher low, while oil prices have fallen as economic growth forecasts are cut.

Gold rallies on revival of risk-off move

The price of gold has staged a decent rebound from $1460, recovering from the lows of the week.

Further gains target $1520 and possible trendline resistance from the September peak. A breakout above here brings $1530 and $1555 into play. A move back below $1480 revives the bearish view in the short term, although the longer-term trend is still up and should be viewed as the more important one.

Gold chart Source: ProRealTime

Gold chart Source: ProRealTime

WTI slumps to six-week low

It has been another week of heavy losses for WTI, which has fallen to a six-week low.

It continues to push through support levels, with the latest being $52.00. A break below this brings $50.70 into view. A rebound above $54.00 might begin to provide evidence of a more near-term bullish view. Until that happens, intraday rallies may continue to be sold.

WTI chart Source: ProRealTime

WTI chart Source: ProRealTime


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