Technical analysis: key levels for gold and crude

Gold and WTI are gaining ground, following on from an extended period of downside. Is this the beginning of a wider recovery for commodities?

Gold showing signs of life

Gold is heading towards the key $1217 swing high, with the market showing signs of a resurgence following a period of downside. Should we see a break above that $1217 level, things would start looking more bullish for the near term.

Following a rebound from trendline support, there is a chance we could be looking at some form of near-term low. Thus, watch for the potential break through this swing high as a signal of a burgeoning period of upside for this beleaguered market.

WTI pushing higher following recent gains

WTI has managed to regain ground over the past two weeks, with the price moving into the $69.23 swing high.

There is a chance we could be moving into a more positive phase, yet a break above $70.00 would signal a wider bullish outlook. As such, watch for the ability to break above $69.22 and $70.00 to signal expectations of further upside to come.  

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