Gold price rallies while oil price edges back

Gold is making an attempt to break recent resistance, while the oil price has dropped back.

Gold finally begins to rally

Christmas for the gold longs appears to have come early, as the price rallies through the 50-day simple moving average (SMA) at $1477 and pushes towards $1485, which has been the limit of their abilities over the past month.

Further gains target $1515, as the price continues to rally. Our 2020 weekly chart review for gold highlighted the possibility of a recovery in gold, and the current price action supports that view.

WTI edges lower

The WTI price has dropped back from the highs seen last week, although losses so far have been contained around the $60.00 mark.

Further losses head towards $59.40, and then down to $58.00. Meanwhile, a recovery moves towards $61.40.

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