Gold targets further gains as oil price sinks again
Gold prices have made further headway after an impressive recovery, while oil is sinking once again.
Gold
Last week saw a remarkable drop then recovery for gold, which ended up almost $100/oz higher from Monday’s low. This bounce puts the price in a strong position, even with some weakness in early trading this morning.
Renewed gains target $1802 and then $1833, backed up by rising stochastics and a potential bullish moving average convergence divergence (MACD) crossover.
WTI
Hopes of a continued bounce have been dashed, with the price heading back towards support at $65.46.
Trendline resistance from late July continues to hold back upside progress, with a breakout above $68 needed to reverse the bearish view of the past three sessions.
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