Gold price falters while oil prices edge upwards

After a strong week gold is faltering, but oil is managing to move higher, if only modestly so far.

Gold stumbles at key resistance

The price of gold surged last week, hitting $1347 again, but once more this key resistance level from February held firm.

A drop below $1326 would reinforce the negative short-term impression and bring $1310 and $1290 into view as possible support. A dip to $1320 early last week found buyers, so if this holds gold bull will be looking for another push towards $1347.

Gold chart Source: ProRealTime

Gold chart Source: ProRealTime

WTI finally begins to rally

WTI was left out of the general rally last week, only finding some upside on Thursday and Friday.

Tentative gains have created a lower low, with a push above $59.40 needed to reverse the bearish view in the medium term. Last Monday saw the price unable to move above $54.70, so taking out this level is a prerequisite for any move higher, even in the short term.

WTI chart Source: ProRealTime

WTI chart Source: ProRealTime


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