Gold and oil prices consolidate after strong gains

Both gold and oil are in strong form, after substantial gains last week. The overall outlook for prices remains encouraging, although some consolidation seems likely in the short term.

Gold targets 2013 resistance

The move above $1375, the 2016 high, suggests that gold is now on course to challenge $1420, a key level during 2013.

After such a big move, the price remains vulnerable to a short-term pullback but drops towards $1380 or $1360 would likely still form buying opportunities.

WTI aims for more gains

WTI prices have certainly recovered over the past week. Above $57.90 the price will head towards $59.40, and then $60.90.

Intraday pullbacks may well provide buying opportunities, such as a move back towards the previous June high at $54.60. Further gains also target trendline resistance from the April high, which would come into play around $60.00.


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