Gold price weakens while oil price strengthens

Gold remains under pressure, while oil prices are still looking strong despite a volatile day yesterday.

Gold bar Source: Bloomberg

Gold still falling

The decline continues for gold, with intraday rallies such as that to $1500 yesterday providing fresh selling opportunities.

The price has yet to form a firm base, and a drop through yesterday’s low at $1485 would then target the 50-day simple moving average (SMA) at $1470. Intraday, the price has yet to recover the 50-hour SMA ($1496) so until this happens the outlook is firmly bearish.

Gold chart Source: ProRealTime

Gold chart Source: ProRealTime

WTI holds gains and moves higher

While volatile yesterday, the WTI price held above the 100-day SMA and created a higher low.

A fresh push higher targets $59.00 and then $59.40. The bullish view remains in place until we see a move back below $56.00.

WTI chart Source: ProRealTime

WTI chart Source: ProRealTime


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