Gold under pressure as oil recovers
Gold has seen further weakness after its run higher, while oil prices continue to recover following their rebound on Monday.
Gold under pressure
The price has broken below the line of support that has held since the end of March, opening the way to a move back to the 50-day SMA at $1745 once it falls below $1765. Buyers will want to see a reversal back above $1780 that renews the bounce from late March.
WTI recovers
After Monday’s recovery off the lows and Tuesday’s renewed bounce the price has steadied in early trading. Further gains target $64, and then on to $65.50. The bearish view has been negated for now thanks to the recovery of the past two sessions, with a drop below $60 needed to put the sellers back in charge.
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