Gold price fails to rally while oil price posts small gains
Gold has run into further resistance while oil prices have continued to move higher.
Gold struggles below $1610
Yesterday’s bounce fizzled out at $1610 for gold, and so far the price has been unable to recover this level. Further declines bring $1563 into play, the low from last week.
A move back above $1610 would provide a more bullish short-term view, although even then it needs to clear $1660 to reinforce this view on a longer-term outlook.
Brent continues modest recovery
Having rebounded yesterday, the Brent price has edged back overnight, but remains in a short-term uptrend. Further gains above $53.80 target $54.75, and then on to $56.40.
A reversal back below $50.00 would negate the bullish view and suggest that the downtrend of late February has resumed.
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