Gold price in full reversal mode, while oil price loses ground
Gold is heading lower once more, while oil prices are edging downwards after their recent strong move higher.
Gold endures new move lower
The week seems to have seen the formation of a firm lower high in gold, with a reversal back below $1840 putting the sellers back in charge. This brings the $1790 and $1765 lows into view and revives the post-August downtrend. The buyers seem to have ceded control to the sellers, with a move back above $1840 needed to provide a more near-term bullish view.
WTI loses ground
Oil prices have drifted lower for two sessions, providing the first notable downward move since the end of January. Even this only takes off some of the recent gains and leaves the price well-positioned for another push higher. Further losses take the price back towards $53.85 and the mid-January peak.
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