Gold price rallies sharply while oil prices prepare to rally

Gold continues to climb, showing no sign of slowing down, while oil seems likely to recover from overnight losses.

Gold reaches for the sky

The price of gold continues to surge, increasing the pace of its ascent – there has been little in the way of a pullback, but a dip towards $1614, the 50-hour simple moving average (SMA), may provide a buying opportunity.

Near-term upside targets are $1690 and $1750, being the highs from early 2013.

WTI establishes higher low

An attempt to break above $54.00 yesterday was rebuffed for WTI, but the pullback has provided a possible entry point for new longs.

So far, the price has begun to rally off $53.00, and if this marks a higher low then the uptrend is firmly intact. Near-term targets are $54.70 and then $57.00, followed by $60.00, with a move below $52.50 needed to begin to reverse the bullish view.

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