Gold and oil off the lows
Commodity prices have recovered from weakness yesterday, although more work has to be done to revive recent uptrends.
Gold bounces back above $1285
The gold price has bounced off $1280, which has allowed it to move back above $1285.
This puts the $1300 area in focus once again, and now the bulls may take control to reignite the longer-term uptrend. A close below $1275 is needed to reverse this bullish view.
WTI recovers $53
WTI stumbled yesterday, but the overall uptrend from the December lows is arguably still intact. A bounce from $52.00 allowed the price to reclaim $53.00, and further gains now target $55.00.
A close below $52.00 would damage the bullish view, potentially testing rising trendline support from the December low around $51.50.
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