Gold price and oil price edging up
Both gold and oil rallied last week, and seem set for further gains.
Gold: technical analysis
Gold's recovery from the shakeout last week has continued, although a break above the 50-day SMA ($1939) continues to elude the index. Further gains above this level target $1975, where upward moves stalled in September. A reversal below $1900 would begin to suggest that a new leg lower is beginning.
WTI: technical analysis
Gains in WTI stalled last week around $41, in a similar area to that of mid-September. If the intraday dip currently in progress can turn into a fresh push higher that clears $41 then the bullish view continues to prevail, bringing $43.60 into view. A more bearish view requires a drop back below $39.40.
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