Gold price and oil price extend their gains

Oil and gold are still rising, the former for a third day after finding support at three-month lows.

Gold continues to gain

The gold price continues to create higher lows, with the pullback from Monday’s high at $1585 having resolved into a push higher, with hourly stochastics and MACD providing bullish crossovers.

Further gains now target Monday’s peak, with the bullish view remaining in place unless the price reverses below $1560. A full-blown bearish view requires a move below $1550, which would bring $1535 into play as possible support.

WTI rises once more

Oil prices have advanced for three days, closing the gap from the beginning of the week.

The WTI price has managed to move and hold above the 50-hour simple moving average (SMA) at $53.23, while further gains target $55.90, the previous lower high. From there the next target is $59.40. A reversal below $52.00 negates the bullish view.

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