Gold price returns to recent highs but oil price drops sharply
Gold prices have leapt, returning to the peak from last week, but oil prices hit technical resistance and dived, despite increasing tensions in the Middle East.
Gold returns to recent highs
The gold rally roared back into life yesterday, as the price returned to the highs from last week.
Now we need to see if further bullish momentum develops to carry the price above $1440 to create a new higher high. A move back below $1380 should be viewed as bearish, targeting $1360 and then $1347.
WTI dives after hitting resistance
WTI has dropped sharply over the past two days, with the chart view showing a clear rejection of the $59.40 area, trendline resistance from the April highs.
This sharp drop may have further to go, targeting the $52.90 area. A short-term rebound will head back towards $58.00, but any rebound that fails to move back above $59.40 looks to be another selling opportunity.
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