source:market watch
NEW YORK (MarketWatch) -- Gold reversed its losing streak Friday after reaching a week low yesterday, while oil prices were back in red after settling 32 cents higher in the previous session. Gold for August delivery GC1Q +1.02%gained $15.90, or 1%, to $1602.60 an ounce. "Gold has again run into resistance around the $1600 mark and will remain vulnerable to downside pressure in the short term as improved risk appetite triggers some profit taking while rallies again draw scrap sales," said James Moore, analyst at TheBullionDesk.com, in a note. Crude oil for September delivery CL1U -0.18% declined 22 cents, or 0.2%, to $98.87 a barrel, even as the "sentiment in the oil market is currently positive with most items of news being positively interpreted and negative news being disregarded," according to a note from Commerzbank Commodity Research
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