Gold falls as oil price rises
Gold remains under pressure while oil continues its recovery
Gold remains under pressure
After breaking sharply lower yesterday, Gold's losses have continued, and this puts the March low of $1680/$1685 into focus. Further declines will put $1670 into view, and then a much deeper gap towards $1557 looms. The sellers are firmly in control, having slowly pushed the price lower from the peak earlier in the month around $1750.
WTI continues its recovery
Some early weakness this morning for WTI comes hot on the heels of a near straight-line move higher from last Thursday’s low. Further gains target $65 and $67.70. The recovery back above the 50-day SMA puts the uptrend back on course and negates any bearish view that had been a possibility last week.
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