Technical analysis: key levels for gold and crude

Gold is continuing to extend its downtrend, while oil prices are still in their current uptrend.

Oil rig Source: Bloomberg

Gold firmly in downtrend

The retreat in gold since the February highs looks to have further to go, as the price pushes towards $1285.

A lower high was created last week, and a move below $1280 creates a lower low. Rallies will likely be selling opportunities unless the price can move back above $1310.

Gold chart

Gold chart

WTI drifts back from recent highs

Last week ended with some weakness as the price of WTI dropped back from its highs for the year but the overall uptrend is still intact.

Above $64.65 the price heads towards $66.60. The bullish view remains in place unless we see a move back below $61.00, putting the price below the 200-day simple moving average (SMA) of $61.09.

WTI chart

WTI chart


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