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Gold price and oil price edge off weekly highs

Both gold and oil have come off their highs of the week, although the overall upward moves remain intact.

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Gold rally stalls

The bounce has stalled at $1750 for gold, and an initial turn lower will target the higher low from Monday at $1730, and then down to trendline support at $1720.

Alternatively, a fresh move higher heads towards $1765, reviving the longer-term uptrend.

Gold chart Source: ProRealTime
Gold chart Source: ProRealTime

WTI moves off highs

The price of WTI has edged back from its highs of the week, but we have yet to see evidence of a full reversal in the price action.

At present consolidation rather than retracement seems likely, possibly edging back towards $27.60 support. Above $32.00 the price targets $36.40.

WTI chart Source: ProRealTime
WTI chart Source: ProRealTime

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