Gold price and oil price both moving higher

Both gold and oil are on the up, with the latter looking strong after huge gains last week.

Gold heads back to $1640

Having moved up from the lows of last week around $1560, the gold price is now poised to challenge $1640.

A break above here provides the bullish catalyst that many will be looking for, opening the way to $1700 and higher. A failure to push on could bring $1560 back into play.

WTI consolidates after surge

The oil price has gained more than 45% over the past week, most of that coming in the last two sessions of the week.

But with the price having broken above $25.50, we have a push above a previous lower high, with a possible trend change in play as a result. The key will be how the price behaves in the event of a pullback – if it can avoid dropping below $23.00 then a higher low may be created, bolstering the bullish view.

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