Gold price and oil price both rallying

Oil and gold are on the up once more, after consolidating in Tuesday’s session.

Gold targets recent highs

Like indices, the gold price bounced on Monday but then consolidated yesterday. However, bullish momentum appears to be building, and a push through $1735 and then $1745 opens the path towards the recent peak at $1765.

A move below $1715 would breach trendline support from the early-June lows, and then below possible support at $1705 a more bearish view emerges.

WTI resumes its move higher

After rallying towards $39.30, the WTI price fell back yesterday, but overnight weakness has been contained around $37.40. Further gains target $39.00 and then on towards $40.60 in the short term, while beyond this $42.60 comes into view.

A more bearish view requires a drop below $37.00 that then targets $34.50.

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