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Gold price poised to weaken as oil price rallies

Gold’s bounce towards $1520 is running out of steam, while oil prices are looking to continue their remarkable surge from Thursday’s session.

Gold rally falters

Gold has only managed an anaemic bounce, which is faltering below $1520, creating a lower high.

This leaves the descending triangle intact, with a push towards $1460 support now likely. A break above $1520 would open the way to $1540 and $1560.

Oil bounce set to continue

WTI saw strong buying at the lows this week, with the price action on Thursday and Friday ending well off the lows.

The next target would be $35.00, the peak of mid-March and also around the lower bound of the gap down. A reversal below $25.00 targets $20.45.

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