Gold price held below resistance while the oil price remains above support

Gold’s attempt to make early gains has been rebuffed, while the oil price is trying to make another attempt at a recovery.

Gold opens the week with gains

The gold price gapped higher to start the week, but overall it remains below the $1980 peak from the past week.

Higher lows at $1910 and $1940 last week support the uptrend, but we have seen a slowdown in upside momentum that might portend a near-term retracement. A rally through $1980 puts the uptrend back on a more solid footing.

WTI holds support zone

For the WTI price, dips into the zone between $39.50 and $40.00 have found buyers for the time being, leading to hope of a rebound.

A more sustained rally, however, requires a move above $40.80, clearing the highs seen on Thursday and Friday, which were themselves an attempt to clear previous support around this level, which had held until Thursday’s break lower.

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