Gold price rallies as oil price comes off
Gold is still on the up while oil has headed lower in tandem with equities.
Gold rebound pushes higher
The price continues to climb, although it has encountered some resistance around $1785. The current bounce seems likely to remain intact unless we see a reversal back below $1760, while a continued defence of $1700 would help reinforce the view that a longer-term base has been formed around $1685.
WTI retreats from one-week highs
Oil has turned lower along with equities, having run into resistance around $63.55. A further decline below the 50-day SMA at $61.53 would open the way to $58, the area of support from late March. Buyers will want to see a move back above $63.55, to revive the upward move from early April.
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