Gold rally holds as oil heads back down
Gold’s bounce continues but oil has started to weaken.
Gold rally holds
The gold rally has showed little sign of stopping, hitting a near two-month high, although a move back above $1800 still eludes it. Further gains head towards $1815, and for the moment the buyers are firmly in charge. $1765 is possible first-line support, while a move below this targets the 50-day SMA at $1748.
WTI heads back down
WTI's reversal below the 50-day SMA reinforces the negative outlook for the price, as the bounce of early April is faded and a more bearish view takes hold. Bulls will need to recover the lost ground of the previous two sessions and take back the $64 level. Further losses head to $58 in the near-term.
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