Gold price unsteady while oil price pushes higher
Gold is struggling to hold $1500, but WTI seems to have found the strength to push higher after bouncing from $52.00 last week.
Gold fights to hold $1500
Friday saw the price of gold unable to push higher, while it remains stuck in a downward channel for the time being. Below the 50-day simple moving average (SMA) at $1501, the price may head towards the lower bound of the channel at $1457.
It would require a break above $1520 for us to see a more bullish view of the market developing.
A WTI low looks to be in place
WTI built on its gains from Thursday during Friday’s session, although gains were limited and the price dropped back from above $53.00.
If a low is in place then it will be after three attempts to push the price below $52.00, each one a failure. Further gains head towards $55.60 and the 50-day SMA.
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