Gold price rallies but oil price falls once more

Oil is retreating despite reports of a clash between the US and Iran in the Gulf, while gold prices have finally found the strength to break higher.

Gold finally breaks higher

The close above $1435 for gold seems to have cleared the way for further gains, as the consolidation pattern in place since late June comes to an end. Further gains target $1520 and the lows from May 2012.

A pullback towards $1416 may find fresh buyers, while a move back below $1400 negates the more bullish view.

Gold chart

Gold chart

Source: ProRealTime

WTI bears take charge

Hopes of a WTI rebound were dashed yesterday, and it looks like the price is headed lower.

A bounce from yesterday’s lows is running out of steam at $56.50, as it hits trendline resistance from the Tuesday high. Further declines head to $55.00 and lower.

WTI chart

WTI chart

Source: ProRealTime


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