Gold price and oil price both rally
Gold prices have continued their gains from last week’s breakout, while rising Gulf tensions have provided more momentum for oil to move higher.
Gold’s push higher continues
Range trading appears to have given way to steady gains for gold, with higher lows and higher highs seen since last Wednesday.
Further gains target $1450, with the overnight pullback finding support at $1420. A move back below $1415 suggests some near-term weakness that might find support at $1400.
WTI rallies off recent lows
Unsurprisingly, rising tensions in the Gulf have boosted oil prices, with the WTI price breaking higher after hitting $55.00 last week.
Further gains target the $58.00 level that marked resistance in the middle of last week, while above this, $59.40 and $61.00 come into view. A fresh push lower could see $55.00 tested as support once again, and then down to $52.00.
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