Gold price falters but oil price recovers and looks to move higher

Gold looks to be headed to the lower end of its range, while oil prices are still in an uptrend.

Gold under pressure

The gold price rally overnight stalled at $1495, raising the prospect of a move back to $1480 and the lower bound of the range.

A break below $1480 targets $1465 and then down to $1410. If $1480 holds, then a bounce to $1520 is still possible if the range continues to hold.

WTI recovers from overnight weakness

Buying the dips in WTI is still the way to go it seems, as the price tracks higher following a swift drop yesterday back from $58.00.

Fresh rallies above the 200-day simple moving average (SMA) at $57.37 target $58.00 and then $59.40. A drop back below $56.00 targets $54.00, and would begin to reverse the bullish view.

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