Gold price rally continues as oil price bounce slows
Gold’s bounce has entered a new week while the recent recovery in oil has slowed slightly.
Gold rallies at start of new week
Gold has enjoyed its most sustained period of upside for the year so far during the past four weeks, and while it has encountered some resistance around $1780 the rebound from the $1685 low is intact. Further gains head towards $1815 and $1847. A reversal back below $1740 would revive the bearish view.
WTI struggles after gains
Oil's rebound seems to be coming under threat as the price retreats back below $63. A continued move lower puts $58 in view once again, with a deeper retracement requiring a drop below this level. A rebound above $63 would signal that a move back towards $68 is in play once more.
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