Gold price falters as oil price bounce goes on
Gold has continued to drop back, while oil prices look like they are set to continue their climb.
Gold’s reversal puts it on a bearish footing
If gold is to revive the bullish view from earlier in the week then it needs to see a rally soon.
The price has lost ground over the past 24 hours, and with yesterday’s lows already taken out, it looks like we have more downside to come. Further declines head towards $1710, and then towards $1695.
WTI keeps climbing
As with indices, so with crude oil. The WTI price continues to climb after the breakout from the range at the end of May.
Higher lows have seen only shallow pullbacks, but we will need to see a drop below $35.00 to even suggest some near-term weakness, with lower highs and lower lows on the hourly chart providing confirmation. For the moment, we have no sign of this developing.
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