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.

Gold chart

Gold chart

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.

WTI chart

WTI chart


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