Gold keeps rebounding as oil struggles after losses
Gold prices are still climbing, confounding expectations of further falls, while oil prices are mixed following Tuesday’s sharp drop.
Gold
While gold fell back from the highs of the day yesterday the price has continued to rally, climbing higher for over a week now. Having cleared $1800 the outlook seems more positive, and a move back to $1840 can now be contemplated. Sellers will need a close back below $1790 to negate the strengthening bullish view.
WTI
Yesterday’s drop in oil prices was in some senses only a matter of time. Previous short-term drops over the past two months have been swiftly bought, so we will see if the current drop goes the same way. Further declines target $71.76 and then down to $69.57.
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