Gold price steady while oil price spikes
Gold is beginning to stabilise, while oil prices have seen substantial volatility after attacks in Saudi Arabia.
Gold price steadying
If gold can continue to hold $1485 then a sustainable low could be in place, allowing for a fresh move higher. This would target $1555, the peak from early September.
This view would be negated with a push back below $1485, which would then raise the prospect of a move back towards $1450.
WTI drops back after spike higher
The weekend’s attacks in Saudi Arabia have prompted one of the largest WTI price spikes in history.
The gap has been filled to some extent, with WTI pushing back in early trading towards $58.00 and the previous high from last week. Further declines head towards $57.11 and $56.30.
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