Gold still stuck in a range

Bron: IG

 

The bounce in the gold price has stalled below $1515 once again, although given the sharp move higher over the past week the rally may not yet be defeated.

A close above $1520 opens the way to $1535 and on to $1557. If the $1480-$1515 range holds then we may see a retracement back to the bottom end of the range. Friday’s dip to $1505 did manage to find buyers.

WTI picks up momentum

Friday’s surge in the WTI price has done much to revive the market’s bullish view. A higher low at $54.00 has been established, and a fresh push to $56.85 would allow the price to attempt to establish a new higher high.

Above the 200-day simple moving average (SMA) at $57.31, the price heads towards $59.40. Intraday pullbacks towards $54.50 may find buyers.