Technical analysis: key levels for gold and crude

Gold’s rally shows no sign of stopping, while the oil price has demonstrated remarkable resilience and looks determined to move higher. 

Source: Bloomberg

Gold keeps on rallying  

New highs for the year on Friday confirm that the bull run here has further to go. The gold price is now knocking on the door of the 200-day simple moving average ($1261), and the next areas to watch above here are $1269, $1281 and then $1303.

Once again the price has moved away from the rising daily trendline, so we could see a drop back towards $1245 in the short term. As long as the $1230 area holds, this uptrend will be with us for the foreseeable future. 

WTI slowly moving up

WTI dip buying has been well-rewarded over the past two weeks, as the price claws its way higher. Bulls now need to break the $55 level to open the way to $55.80.

The zone between $53.20 and $53.80 provides plenty of potential support, so this trend could continue. The bears will not be able to rest unless the price closes firmly below $53.20. 

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