Gold price and oil price both aiming to break higher
Gold and oil are both on the up and are looking to challenge previous recent highs.
Gold aims to create higher low
Gold retreated from $1515 yesterday, but a higher low may be forming intraday.
The price has bounced from $1503, and both hourly stochastics and moving average convergence/divergence (MACD) are turning or are poised to turn higher. If this marks a resumption of bullish momentum, then $1515 and $1520 will need to be broken, carving out higher highs and targeting $1535 and $1555. A push below $1500 negates this view and could being $1480 into play again.
WTI looks to push higher
After rallying from Friday’s low, WTI price dropped back yesterday from $57.50, before stabilising at $56.33 and beginning to move higher.
A move through $57.50 creates a new higher high and would also put the price above the 200-day simple moving average (SMA) of $57.34.
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