Gold price stalls while oil price dives

Gold has been left out of the rush to safe havens, while oil prices are rapidly heading to 2018’s low.

Gold fails to rally

The gold price has surged over the past month, but over the last few sessions gold has been unable to muster the strength for a fresh move higher.

This morning it dipped to the $1620/$1630 zone that has marked support this week, and while it bounced, the price has been sagging over the last 36 hours. Lower highs mean that any rally that fails to break $1640 would be another possible selling opportunity. Longer-term gains require a move above $1660.

WTI pushes towards 2018 lows

Having slumped below the $49.50 level, the next target for WTI would be the December 2018 low at $42.40.

The rebounds over the past few days have been brief, and show no sign of real buying strength. The bears are firmly in control here, with bounces towards $48.00 likely to meet the same fate as those earlier in the week.

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