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Gold price turns down while oil price recovers

Gold’s apparent recovery has turned sour, while oil is rallying in line with other risk assets.

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Gold moves lower once more

Friday’s higher low proved to be a false dawn, as the gold price failed to rally through $1470 and then continued to fall.

If this marks a resumption of the downtrend, with the price having failed to pierce the 200-hour simple moving average (SMA) at $1469, then the next target is the $1445 area, and from there the 200-day SMA at $1395. A push through $1470 and then $1475 is needed to provide a more bullish view.

Gold price chart Source: ProRealTime
Gold price chart Source: ProRealTime

WTI turns higher after consolidation

Risk appetite in WTI rebounded on Friday, lifting oil prices back to the $57.60 area that marked their high-water mark for the month so far.

A break above here targets the top end of the current ascending channel, around $59.00. Friday saw support around $56.50, so if this still holds then higher lows from here become buying opportunities.

WTI price chart Source: ProRealTime
WTI price chart Source: ProRealTime

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