Gold price hits new peak while oil price drifts sideways

Gold’s surge has continued this morning, while oil prices have seen limited movement, remaining above recent support.

Gold hits new high

The surge continues for gold, with no sign that it will run out of steam any time soon. It makes sense to expect further gains, especially since the intraday charts provide no sense that a reversal is at hand.

However, with the price now stretched on both daily and hourly charts some form of pullback towards $1900 might help ‘reset’ the market from its current frothy state and provide some more attractive opportunities in risk-reward terms.

WTI still holding support

Upside here has been limited over the past week for WTI, but there has been little chance for bearish positions to prosper either.

Losses have been contained in recent sessions, with $40.75 acting as an area of support. If this continues to hold then a push back towards $42.50 cannot be ruled out.

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