Gold rockets while oil edges lower once again

Gold prices are on the up, eyeing up new targets to the upside, while oil is in retreat again.

More gains for gold

The price of gold has finally managed to stage lift off from rising trendline support, rallying sharply from $1280 last week.

It has also cleared the $1300 high from mid May. Upside targets, $1326 and then $1347, come into play, with intraday pullbacks likely to find buyers.

WTI gaps down at beginning of new week

A gap lower for WTI this morning rubs salt into the wound, after a dramatic two day plunge that wiped 11% off the price.

The price is now back at the $52.00 area that marked support in January and February. Clear lines of support are in evidence at $49.20, $45.80 and then $42.40 if further declines take place. Bulls have a major task ahead of them to provide a more bullish view, but a break above $56.00 might be a decent first step in this direction.


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