Gold price and oil price continue to rally

Commodity prices are rallying once again, as gold pushes towards the January high and oil prices maintain their recovery.

Gold surges through $1600

Gold has finally taken off, rallying towards $1612 and the January peak. A daily MACD crossover has followed up the bullish stochastic crossovers from earlier in the month.

From here longer-term targets include $1690, $1754 and $1796. In the short term, pullbacks towards $1590 may provide interesting buying opportunities.

WTI continues to rise

The firm WTI recovery from the $51.13 level yesterday confirms the bullish view here for the time being.

The price has rallied to a new intraday higher high, and while it has much to do to recover the lost ground of January, we may see additional bullish momentum towards $54.00 and higher.

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