Gold’s consolidation goes on as oil prices start to recover
Gold continues to move sideways, while oil prices seem to have found the strength to bounce.
Gold
Consolidation continues to be the pattern here, as the price stumbles back from recent highs.
It has yet to turn into a more severe pullback, and that would require more movement below $1840, opening the way to $1830 and then $1815.
WTI
The price bounced off $76.47 yesterday and has pushed higher today. This could be the beginning of a new leg higher back towards $84, although stochastics have yet to give a bullish crossover.
Nonetheless, further gains above $80 should seal this view in the next week. A reversal back below $77 would be needed to hand the bears the upper hand once again.
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