Technical analysis: key levels for gold and crude

Gold has delivered a pullback to $1300, while oil’s run of losses continues.

Oil platform
Source: Bloomberg

Gold – expect more gains

A bounce from $1300 provides the entry point for fresh longs on gold, with a view to seeing the uptrend resume. The bullish breakout of $1300 has been followed by a retracement, creating a new higher low.

Further gains should be expected from here, with only a move below $1295 putting a dent in the bullish outlook. 

WTI facing further losses

Losses continue on WTI, with little sign of a significant retracement thus far. Even a rally back to $48 would only create a new lower high, and would provide an attractive shorting opportunity.

The next level to watch on the downside is $45.43, and then $43.97 and $42.81. 

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