Technical analysis: key levels for gold and crude
Gold’s rally has hit a brick wall, with the price retreating sharply from trendline resistance. However, the buyers continue to prop up oil.
Gold slumps from trendline resistance
Gold’s rally from the lows of last week was rudely interrupted yesterday, as the price slumped to $1290.
A small recovery has been seen overnight, but overall the picture is much less bullish. The price faltered at $1310, near trendline resistance from the February high, and further declines target $1285 and then below $1277.
WTI records fresh higher low
WTI has witnessed steady gains over the past two months, and the shallow pullback overnight may provide another buying opportunity.
Support was found around $63.40 yesterday, and a new push higher targets $64.70 and onwards.
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