Gold price falters as oil price keeps rallying

Gold is on the back foot again while oil prices have managed to move higher.

Gold struggles to hold gains

The bounce in gold from last week is now a distant memory and the price has retraced much of the rally from Wednesday’s lows.

If the price can recover from above $1700 then another attempt to clear $1720 may be in the offing, which would bring $1745 into view. Alternatively, we look for a drop below $1690 that opens the path to $1670.

WTI continues to climb

WTI is now in the gap down zone from early March, with the upper bound of the gap at $41.40.

Further gains take the price on towards $46.55, the 200-day simple moving average (SMA). As with indices, we have little sign of a reversal in play, and this morning’s move higher merely intensifies this uptrend.

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