Gold price rallies as oil price looks for breakout

Gold is continuing to move higher while oil prices remain close to their recent highs.

Gold targets $1800 in renewed move higher

The price of gold has rebounded from yesterday’s weakness, rallying from $1775 to a new higher high, and reviving the uptrend.

As a result we may see further gains towards $1800, while the procession of higher lows remains firmly in place.

WTI tests $41 resistance

The rally from the late-June lows is intact, and while we have seen some weakness just below $41, the price of WTI is likely to push back towards this level and indeed higher.

We have yet to see the lower highs that might indicate a more sustained downward move is in the offing.


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