Gold price stalls but oil price rallies

Gold is once again struggling, but oil’s rally seems to have entered a new phase.

Gold runs out of room to rally

Gold continues to stall around $1480, with the declining 50-day SMA (simple moving average) at $1479 also doing sterling work in holding back any meaningful upside.

Further declines from here target $1460 and then $1450, while any real breakout has to clear $1485, which has twice stopped big rallies this month.

WTI continues to gain

The WTI rally has continued, pushing through $59.40 and moving on to new highs.

Further gains above Friday’s high at $60.40 would open the way to $62.00 and the top end of the channel, while dips towards $58.50 may provide fresh buying opportunities. It would require a move back below $58.00 to suggest a more meaningful turn lower is at hand.

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