Gold price edges up as oil price rally goes on
Oil shows no sign of heading lower yet, as WTI looks to move on above $48. Meanwhile, gold’s cautious upward move from last week goes on.
Gold’s tentative rebound still in play
Last week saw the gold price regain its footing to an extent, rallying from a five-month low at $1765 to recover $1800 and then keep moving up. $1850 and then $1879, the 50-day SMA, are the next targets to watch on the upside if the price continues its recovery. Bears will be watching for the creation of a lower high, which could come with a reversal back below $1805, the 200-day SMA.
WTI still on upward path
After some weakness at the beginning of the month, the WTI price has now begun to move higher once again, although a close above the late November high still eludes it. Nonetheless, there is as yet no sign of any real weakness, and so we look for continued gains towards $49.40. Sellers will need to push the price back below $44 to provide an indication of any near-term weakness.
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