Gold price tries to stabilise as oil price falls again

Gold is looking to build on yesterday’s bounce, but oil continues to make new lows.

Gold looks to establish higher low

The gold price saw an impressive bounce towards $1540, and while this has dropped back below $1500, it may yet establish a higher low.

This would provide the fuel for a move back to $1540 and then on to a possible new higher high. Further gains from there would target $1595. A move back below $140 brings the $1460 support zone into view.

WTI pushes to new lows

The downtrend has resumed in the WTI price, with the bounce towards $30.50 yesterday running into resistance before fresh declines over the past 18 hours to a new lower low.

Rebounds have continued to be selling opportunities, as we saw overnight, with further falls raising the prospect of a move to the 2001 lows around $18.00.

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