Gold price and oil price both drift

Gold is holding close to yesterday’s highs, while oil is showing no sign of breaking out of its narrow range.

Gold price hovers below $1725

Once again, the gold price looks to be drifting sideways today, having hit $1725 yesterday.

So far, there is little sign of any fresh downside, but a move below $1713 could trigger a move back towards $1695. A rally through $1725 would suggest that both the consolidation of the past 24 hours and the descending channel of the last week have run their course, and a push back to $1735 may result.

WTI remains in tight range

Over the past week the WTI price has continued to move sideways, dropping down to $31.50 before rebounding towards $35.00.

So far this range shows no signs of ending. A move through $35.00 marks the continuation of the rally from the April lows, while a push below $31.50 opens the way to more downside, towards previous resistance at $27.60 in the first instance.

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