Gold price stalls as oil price rallies

Gold is unable to make much headway in either direction, while oil is once again on a strong move higher.

Gold stuck fast around $1705

The price of gold has done its best to frustrate so far in May, with an apparent bearish move at the end of last week stymied very shortly afterwards.

The price has held around $1705 and for now shows little desire to break out of the $1690-$1710 range. A break of this to the upside brings $1720 and then $1740 into view, while below $1690 the price heads towards $1670, key support twice in the past month.

WTI still on a move higher

For the third time in a month crude oil is on a sharp upward move, rallying to its highest level in almost a month.

The rally shows no sign of slowing down, with the early-April highs at $29.85 the next big target.

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