Gold price soar while oil prices fall back

There is a clear disparity between gold and oil, with the former heading back to its recent highs while the latter looks to revisit near-term lows.

Gold continues to climb

The gold price continues its recovery, moving towards $1690 and to new highs for the year.

Consolidation in the middle of the week around $1640 gave way to a fresh push higher, maintaining the bullish sequence of higher highs and higher lows. $1750 and $1800 are the next major levels on the upside, the highs from late 2012.

WTI heads back to recent lows

Like indices, WTI prices have given back most of their gains from earlier in the week, although it is still up 3% from the lows.

Further declines head towards $44.00, and then below this $42.40, the low from mid-2017 and late-2018 comes into play. Intraday, a break above $46.20 might provide a more positive view in the short-term, targeting $48.70 and the mid-week highs.

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