Gold price bounces while oil price surges off the lows

Gold has rallied but is currently stuck in a descending channel, while Brent crude has rebounded and may finally have found a low.

Gold stuck in descending channel

The gold price has continued its rebound, but remains within a descending channel for now.

Further gains head towards the top end of the channel at $1520, with a breakout above here targeting $1535 and $1550. A turn lower targets the bottom end of the channel at $1460.

Brent stages a comeback

Brent crude prices rebounded along with equities, as the price defended the $56.80 level.

Further gains would be likely with a move above $58.50. If a low is in place then bullish momentum may continue to develop. The more bullish view remains in place unless and until the price drops below $56.80 and then $56.00.


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