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Gold price unmoved by Draghi but oil price finds strength to rally

Gold prices have not made much headway despite a dovish speech from Mario Draghi, but oil prices have managed to rally.

Gold still held below $1350

Gold received a boost from the European Central Bank (ECB) yesterday, but again an attempt to move above $1350 failed. The price is now at risk of a deeper retracement, even if only in the short term, heading back to $1326, and then down to $1310.

Above $1350, the $1365 comes into view as a potential target. Rising support from the 11 June low will come into play around $1340, and if this is lost then a more bearish intraday picture emerges.

WTI stages a comeback

The WTI price broke higher yesterday, rallying through trendline resistance. Resistance from 10 June is around $54.50, where the bounce yesterday stalled, but a break higher targets $59.40.

Yesterday’s low around $51.90 may form a higher low, reinforcing the bullish view.


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