Gold’s climb continues while oil in a bid to rally
Gold has continued its strong run, while oil has turned higher after edging lower last week.
Gold
The slowdown in the rise in yields has given gold a breathing space which it has snatched with both hands, rallying to a near three-month high on Friday after the non-farm payrolls figure. The rebound that began with the bounce from $1685 is firmly in place, with bullish momentum in the ascendant and higher highs and higher lows formed since the end of March.
WTI
After a small drop towards the end of last week the price has recovered and is now set to move on towards the March highs. Sellers needed to drive the price below the 50-day SMA (currently $62.39) but with this view cancelled out for the time being the upside case appears to hold sway.
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