Gold price edges up as oil price rockets higher
Gold is making some gains, but it has been outshone by oil, which has soared this week.
Gold makes small gains
While the gold price fell over the past two days from Wednesday’s high, the higher low at $1940 has reinforced the continued bullish view. Further gains target $1970, opening the path to challenge the lower highs at $2000 and $2020. A close below $1930 would suggest a new leg lower is in play, bringing the $1907 low into view.
WTI rallies by leaps and bounds
Oil continues its impressive recovery, rallying back towards $42, where the price hit resistance on its way down earlier in the month. Above $42 the next target is $43.60 and the high of August. Given the sharpness of the move in recent sessions some consolidation is possible, with a more bearish view requiring a move back below $39.
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