Gold price returns to recent highs as oil price tries to recover from losses

Gold has seen another attempt to clear $1980, while oil has edged up after steep losses on Thursday.

Gold back at key resistance

For the third time this week, gold is trying to clear $1980. But with hourly stochastics already at the top of their range, this attempt to break higher may go the same way as the last two.

However, both these attempts were followed up by higher lows, so it appears that the general uptrend is likely to continue. Near-term support is found at these higher lows, at $1940 and $1905.

WTI looks to recover from sharp drop

After holding above $40.50 for most of the past two weeks, yesterday the WTI price dived to its lowest level in three weeks, briefly moving below $39.00.

We have seen a modest rebound, but with the price now below $40.50 and below trendline resistance from last Thursday’s highs bulls will need a recovery back above $41.30 to revive the outlook for higher prices. A rally that turns lower from below $41.00 will be a lower high and thus a potential selling opportunity.

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