Gold price rebounds as oil price drifts
Gold prices have rallied while oil is little changed after Friday’s losses.
Gold stages a recovery
Hopes of a base being formed above $1820 were dashed by Friday’s losses in gold, but a recovery in early trading Monday might yet save the day. However, the price is still below the 200-day SMA ($1843) with a recovery above this and then above $1860 needed to suggest a higher low has been created. A reversal back below $1810 likely indicates that a fresh push lower is underway.
WTI stabilises after Friday’s losses
Having dropped sharply on Friday the WTI price is quieter in early trading today. In the near-term sellers will want to see the price move below $51.13 and $49.48, which will help to reinforce a bearish view that might bring trendline support from December into view. Bulls will want to see a recovery above $54 to put the price back on an upward path.
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