Gold price looking stronger while oil price fades

Gold prices have moved modestly higher, while oil is looking to find support above $56.00.

Gold looks to build on overnight rally

Gold prices stabilised yesterday above $1445, but with the price potentially creating a lower high, a fresh selling opportunity may appear.

For now we have yet to see a higher low being created, so the bearish view remains in place.

WTI edges back towards support

The WTI price has headed back towards the $56.00 area that has acted as support, and if it holds above the 200-hour simple moving average (SMA) at $56.47 again then a possible bounce may develop.

This would target $57.60, with a rally above this level marking a fresh bullish development. Below $56.00, the price heads towards $55.00 and the lower end of the current rising channel.

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