Technical analysis: key levels for gold and crude
Gold is still under pressure, falling through key resistance, while oil prices are on the up once again.
Gold falls through key support
The gold price fell to $1273 yesterday, moving below crucial $1277 support. A downtrend remains in place, and a downward channel has been created on the four-hour chart.
The price may now continue its rebound off the lower bound of the channel, heading back towards $1300. Alternately, a move below $1270 suggests a break lower, heading towards longer-term trendline support at $1264.
WTI looks to break higher
The WTI price has returned to the $64.70 area, and is now poised to break higher.
The next major target seems to be $70.00, while a retracement towards $62.56 may find buyers. The steady grind higher goes on.
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