Gold price and oil price both heading lower
Gold’s break lower on Friday has been followed up by more losses so far today, while oil prices are beginning the week on a bearish note.
Gold’s bearish move continues
Having broken below rising trendline support on Friday, the gold price has continued to fall, building on the bearish development last week.
The $1640 and $1570 levels are near-term targets to the downside, being previous resistance (for $1640) and support (for $1570). In the short term, lower highs over the past few sessions maintain a bearish view, with a reversal back above $1700 likely to tilt the outlook back towards a more bullish view.
WTI under pressure
WTI losses continue, with intraday bounces being viewed as selling opportunities.
Further declines head towards $20.60, while a more bullish view seems unlikely to emerge unless the price rallies back above $26.00.
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