Gold moves higher while oil rally fizzles out
Gold continues to claw back losses from earlier in the week, but oil has seen its bounce lose momentum.
Gold
The gold price continues to climb, reversing much of the negativity from earlier in the week. As noted before, a recovery above $1765 is still needed to allow longs to breathe more easily, but it has been a good week overall for the bulls.
Further gains target $1800 and then $1830. So far there is no sign of a reversal, but if one develops $1685 remains the first downside target.
WTI
Hopes of further gains for WTI have been dashed for now as the price drops back from Wednesday’s highs.
A continued recovery above $70 would be necessary to revive the bullish view, while on the downside sellers will be waiting to see if the price can move back below $65 to open the way to a bigger decline.
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