Technical analysis: key levels for gold and crude

The gold price has rebounded from the lows, but is struggling to push higher. Meanwhile, oil has once again found support. 

Recovery in gold hits a wall

The price finished towards the top end of the range yesterday, but even now the $1180 level seems to be stymying upward progress for gold.

We wait to see whether this intraday bounce goes the way of every other over the past three months, i.e. right back down. Support levels to watch for are $1160 and then $1127, while resistance above $1180 is found at $1195 and then $1205.

WTI holds 200-day SMA

Thursday saw the price hold above the 200-day simple moving average (SMA) at $64.53 for the second consecutive day, and now there is further bullish momentum for WTI.

The series of lower highs since the end of July means that we need to see a push above $67.00 to create a more bullish view, and then on to the descending trendline from the July peak at $74.08. A close below $64.00 brings $62.56 into play.

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