Gold price and oil price both leap higher
Gold and oil are both enjoying strong gains this morning.
Gold picks up where it left off
It has been a resoundingly positive start to the year for gold, which has built on the rally of December to gap up as the first full day of 2021 trading arrives. It continues to be an impressive recovery, after the declines of August-December. The price now targets $1950, with a move above here clearing the way for a push towards $2000. Those looking for a reversal will want to see the price move back below the 100-day SMA at $1895.
WTI on a tear in early trading
WTI has kicked off the new year in fine style, hitting levels not seen in almost a year. As with equity indices, we have yet to see much in the way of bearish price action that might point towards some form of near-term correction, with the uptrend from early December firmly in place.
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