Gold attempts to bounce as oil flies high
Gold is trying to recover lost ground while oil is potentially looking vulnerable ahead of the Federal Open Market Committee (FOMC) meeting following recent strong gains.
Gold
Having reached the lower bound of its current short-term descending channel, the Gold price may now bounce back in the direction of $1880 or even towards $1895 and the upper bound. A break below $1850 would signal a new move to the downside outside the channel that would reinforce the short-term bearish view.
WTI
WTI's rally has certainly taken on new life in the past few sessions, rallying to a fresh three-year high. The steep bounce seen this week is perhaps at risk of a retracement if the Federal Reserve provides some volatility, but the bullish view remains in place unless the price drops back below $69.
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