Gold price and oil price both move higher

Gold and oil are both looking to build on a strong end to 2019, with early gains in trading so far.

Gold builds on strong gains

Last year was a good year overall for gold, despite the weakness from August to November.

But with the price having stabilised above $1450, a higher low has been created, and now the price has cleared the late October high around $1515 a move towards $1557 can be contemplated. A move back below $1500 might raise the prospect of a drop back towards $1460.

WTI steadies above $61

Having broken through trendline resistance from the April high last week, the WTI price has stabilised above $61 and is now looking to resume its move higher, heading back to $62 and higher.

Dips towards $58 may provide fresh buying opportunities.

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