Gold price moves up as oil price breaks higher
Oil and gold are both moving higher, with the latter benefiting from continued caution in risk assets.
Gold keeps pushing higher
The rally for gold shows no sign of slowing, and while the price has spent the past 36 hours bouncing along just above $1760, this looks to be the prelude to a broader move higher, targeting $1780 and higher.
Alternatively, a drop below $1760 targets $1750 and rising trendline support. The bullish view remains in place unless we see a reversal below $1740.
WTI revives rally
The WTI price broke through trendline resistance from the week’s highs yesterday, and while some weakness has been seen early this morning, the overall move higher appears intact.
Having bounced from trendline support yesterday it looks like the buyers are still in charge. A reversal below $37 would cancel out the bullish view.
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