Gold price finally rallies while oil price starts to drift lower

Gold is continuing to rally after creating a higher low, but oil prices are in retreat.

Gold establishes higher low

After dropping over the past three weeks, the price of gold may finally be poised to move higher.

The rally off the Monday low carried the price to $1475 and a five-day high, and was followed up by a pullback to $1463. A higher low has been created, and already buyers are moving in to push the price higher. A rally through $1475 creates a new higher high, and reinforces the bullish view. A move back below $1460 would begin to revive a more bearish view.

WTI begins to slip back from resistance

The price of WTI has spent almost all of November trying to rally above $57.50.

It has failed in this aim, and now looks to be heading towards $56.20 and the area that has held as support throughout the month so far. Further declines below $56.70 would bring the lower end of the rising channel into play, suggesting a push towards possible support at $55.50.

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