Gold price falls as oil price breaks higher
The retracement in gold goes on, while oil prices have finally found the strength to move higher.
Gold pushes lower
The daily chart continues to point towards more short-term weakness for gold, retracing some of the gains of the past few months. But the longer-term uptrend is still intact, so those looking to short the lower highs currently in evidence on the hourly chart need to remember that it is highly likely that the longer-term rally will reassert itself in due course. Further declines target $1876, the 50-day SMA, while a rally above $1955 is needed to provide a more bullish view.
WTI breaks higher
Oil has finally found the strength to move higher, rallying through $43. Above $43.66, the price will have made a new higher high in the current uptrend, reinforcing the bullish view. Alternately, a reversal below $41.50 is the catalyst that bears will be looking for.
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