Gold in retreat as oil edges back from highs
Gold could be at risk of further losses, but the weakness in oil could be transitory.
Gold
The gold price is turning lower from $1900 after recovering yesterday, with the result that the sellers may yet be able to drive a deeper retracement towards $1860 and lower> However, but a break of $1860 will be the crucial development. Bulls will want to see a rebound above $1900 that will negate the bearish view and open the way back towards $1920.
Brent
After hitting a high last week the price of Brent crude has edged back, but only modestly, and thus a higher low could form in due course that would revive the bullish view and open the way to $72. A bigger dip brings the support zone around $69.75 into view.
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