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CFDs are complex instruments. 72% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.

Gold price recovers while oil price stuck below resistance

Dollar weakness has allowed gold to stage a recovery from yesterday’s lows, but oil continues to mimic indices with a notable lack of bullish momentum.

Oil barrel Source: Bloomberg

Gold looks to recover

Gold has seen some recovery from the lows of Thursday’s session, which sets up another push towards $1815 and the highs of the week.

The recovery from the zone around $1790-$1795 helps to revive the uptrend, and it would take a lower high to indicate a more negative view is developing.

Gold chart Source: ProRealTime
Gold chart Source: ProRealTime

WTI still stuck below resistance

As with indices, a resumption of the move higher still eludes the WTI price.

Oversold stochastics and a low moving average convergence/divergence (MACD) reading might set up the potential for another push towards $41.50. Since 25 June, the price has seen several higher lows, most notably twice this week, so any dip towards $40.00 may see fresh bullish momentum develop.

WTI chart Source: ProRealTime
WTI chart Source: ProRealTime

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