Gold price drops back as oil price edges higher
Gold’s weakness from Friday has carried over into a new week, as has oil’s strength
Gold still in retreat
The gold price continues to edge back from last week’s high, although a full-on bearish move has yet to take place, with dips in recent sessions below $1720 finding buyers. A rollover in daily stochastics and MACD would reinforce the bearish view, while further gains above $1750 point towards some near-term, but still perhaps temporary, upside.
WTI bounces from support
WTI is rallying from the low of last week, as it bounces from the 50-day SMA (currently $58.63) and also from the $58.80 support level. Renewed gains target $65, while the sellers will need a break to the downside that clears $58 to suggest a much deeper move is on its way.
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