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Gold price stalls as oil price pushes higher

Gold prices have struggled to push higher but the oil price seems to be moving higher from its consolidation pattern.

Gold price struggles to push higher

The gold price remains stalled below $1730, with little sign yet of a break higher. But trendline support from the early-June low supported the price yesterday during the drop to $1715.

But if the price is unable to push on through $1730 then the potential for a bigger move lower grows. Alternatively, a move above $1730 heads towards $1745, key resistance since the end of May.

Brent price moves higher from consolidation pattern

The rally for Brent from Monday’s lows, which cleared trendline resistance on Tuesday, has entered a consolidation period, with dips towards $40.00 finding support.

A break higher needs to clear $41.50, and would then target $42.10 and $43.40. A more bearish view requires the price to break below $40 and then back below trendline resistance from last week’s highs.

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