Gold price back below $1500 while oil price continues recent rally

While gold is under some modest pressure, the overall move higher is intact. Oil prices have rallied, but are still under pressure in the longer term.

Gold edges back below $1500

Gold continues to work off the gains of last week with a move back below $1500.

Most of the leap higher is still intact, however, so we may see buyers enter if the price moves back above $1492. Further declines head towards $1450.

WTI rallies but stuck in downward channel

Last week saw the price or WTI hold above $51 for the second time in three months.

Since peaking in mid-July, the price has fallen into a descending channel, with the slump last week hitting (and moving briefly below) the lower bound of the channel. The rebound would continue to head towards the top end of the channel, in the direction of $56. A move back below $53 would reinforce the bearish view established over the past few months.

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