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Gold price surges while oil price pauses for breath

Gold is pushing higher once again, while oil is calm for now after yesterday’s volatility.

Gold finds new bullish momentum

The gold price has rallied off the lows from yesterday’s session, breaking through trendline resistance from the 16 April high.

Gains over the past few sessions have stalled at $1700, so a move through here would begin to restore a more bullish view. Further gains from here target $1740. Alternatively, a reversal below $1670 is needed to furnish a more bearish view, which might then bring $1640 into view.

WTI stabilises after sharp drop

Having fallen dramatically again yesterday, we have seen some stabilisation in the WTI price, although the bearish view remains firmly in place.

Yesterday’s short-term rebound stalled at $14.70, so this is the first target on the upside, and then beyond this the 50-hour simple moving average (SMA) at $18.18 comes into view. Further declines back below $10.80 provide a more bearish view once again.

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