Gold price rallies while oil price hits support

Gold has edged back from Friday’s high but remains in an uptrend, while oil prices are trying to hold key support.

Gold still in uptrend

After hitting a new higher high late on Friday, the gold price has edged lower, but remains firmly in the uptrend of the past few weeks.

If the price establishes a new higher low at $1575, then we may see another move to $1575 and higher. A drop below $1570 would negate this view for the time being, although a full-blown reversal would need a move back below $1550.

WTI hits vital support

The losses continue in the WTI price, although bulls will hope that, now the price has returned to $51.13, a low may have been created.

This area has held three times since May, and another bounce from here cannot be ruled out. $53.34 and $54.28 are near-term targets if any rebound gets underway. A close below $51.00 would be bearish, and bring the November 2018 support level at $49.50 and then below this the December 2018 low at $42.45.

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