Gold prices on the slide while oil prices make further gains
Gold is heading back down once again, as oil prices make fresh one-year highs.
Gold heads lower
Risk-on moves in markets have not proven helpful to gold, which has resumed its downward move after a lower high last week. It has been in a descending channel for a month now, marked by lower highs and lower lows, and further declines will bring $1780 and $1765 into view. A reversal requires a move through $1857 that clear’s last week’s high and signals a breakout from the descending channel.
WTI clears fresh hurdles
The WTI drift down towards $57 last week provided the springboard for a bounce, and the price has surged above $60 as a result. Last January’s high at $65.46 becomes the next level to watch to the upside as this gentle rally continues. Sellers will want to push the price back below $57 to provide some indication of any near-term weakness.
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