Gold price at two-month high while oil price keeps climbing
Gold has returned to a key level from November, while oil prices show no sign of slowing their ascent.
Gold’s rally goes on
The year has been good for gold so far, with the price continuing to rise after gapping higher on Monday. It has now returned to the $1950 area that marked the high in early November. A drop back towards trendline support may see fresh buying pressure emerge, and at the least a move below $1890 is needed to knock the shine off the bullish outlook here.
WTI targets $50 once again
Saudi Arabia’s decision to cut production has bolstered WTI crude prices, putting them back on the front foot and putting the buyers back in charge once more. $51.13 is the next target to the upside, with yesterday’s bounce having cancelled out the bearish view that may have developed had Monday’s weakness turned into anything more durable.
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