Gold price becalmed but oil price surges

While gold has been unable to establish a firm direction, oil prices have finally begun their ascent.

Gold stuck in tight range

Over the past week dips in the price of gold towards $1490 have found buyers, while gains have been constrained by the $1515 zone. A break higher out of this range would signal a resumption of bullish momentum, and target $1535 and then $1555.

Meanwhile, bears will have to push the price back below $1490 to clear a path towards $1460 and the low from the beginning of the month.

WTI finally begins to rally

The WTI break higher may finally have arrived, as the price shoots through $54.00 to hit its highest level in almost two weeks. Having built a base around $52.00, the price has now found the energy to rally.

Intraday pullbacks may continue to find buyers, with the bullish view remaining in place unless the price reverses below $53.00.

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