Gold price moves upwards but oil price falters

Gold is continuing its move higher, but oil prices are at risk of breaking lower after their overnight bounce faltered.

Gold resumes move higher

The rally continues here, as the price of gold pushes higher after drifting lower overnight.

It has yet to break $1524, however, the high from the European Central Bank (ECB) day two weeks ago. If it succeeds then $1557, the September peak, is the next target. A move back below $1515 begins to suggest that bullish momentum is waning.

WTI begins to push lower

The WTI rebound from yesterday’s low ran out of momentum at $58.60, creating a short-term lower high.

Further declines would target $57.40, with a break below this low opening the way to $55.00 and $54.00.

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