Gold edges back as oil heads higher
Gold’s rally has stalled for the time being, while oil continues to enjoy strong gains.
Gold
Gold's gains have stalled at $1910, as the relentless uptrend of recent weeks moves into a consolidation period. For now the weakness is not particularly concerning for bulls, but a drop below $1890 would signal a possible broader retracement. Conversely, buyers will want to see a bounce back above $1910 to revive the move higher.
WTI
WTI has gained a new lease of life in its uptrend, enjoying strong gains since the dip towards $61 in late May. Momentum remains strong, as shown by the elevated stochastic readings on the four-hour chart. So far the buyers are firmly in charge, but the next targets are the 2018 highs at $74.08 and then $76.81, which are medium-term goals.
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