Gold’s rally fizzles as oil edges cautiously higher
Gold has seen its steep bounce slow to a crawl, while oil prices have edged higher after several days of losses.
Gold
Gains have stalled over the past two days, although the bounce from last week’s low is still firmly intact.
However, a drop back below $1760 would point towards a lower high being created, reviving the bearish case. Further gains would target $1830.
WTI
Losses have slowed as the price nears support around $65.46; a continued defence of this area of support would hand the initiative back to the buyers once again.
On the bearish side, a close below $65 is required to open the way to $61.67 and the next potential downside target.
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