Gold price dives while oil price moves above $60
The US and China are no longer at loggerheads, at least for now, which has seen gold slump while oil prices have rallied to trendline resistance.
Gold slumps below $1400
A dramatic pullback has taken place here, with the price of gold dropping back below $1400.
A further decline heads towards the 2016 peak at $1375, and then on to $1362 and $1350. A rebound back above $1400 helps to restore the bullish view, with a target of $1440.
WTI hits trendline resistance
Expectations of production cuts and the US-China deal over the weekend have lifted WTI back to the $60.00 mark, and it is now testing trendline resistance from the April highs.
Above here the index targets $60.75, and then on to $62.56. A move back below $58.00 is needed to revive a more bearish thesis.
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