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Gold price under pressure while oil price rallies

Gold is once again moving lower, while oil prices have rallied hard from yesterday’s lows.

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Gold under pressure as risk appetite holds steady

Gold continues to falter, having rallied to, but failed to break above, the $1710 level.

This lower high brings $1690 into view. Below this, $1660 is the next target. Alternatively, a push through $1710 brings $1740 into view, the big resistance throughout April.

Gold chart Source: ProRealTime
Gold chart Source: ProRealTime

WTI falters after bounce

There has been a strong rally off the lows of Tuesday’s session, but WTI gains are currently stalling at $15.50. Above this, the $18.80 peak from last week comes into view.

However, the downtrend is still in effect, and a possible lower high at $15.50 would provide a possible selling opportunity, targeting $12.00 in the first instance, then $10.94 and $9.52.

WTI chart Source: ProRealTime
WTI chart Source: ProRealTime

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