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Technical analysis: key levels for gold & crude

Gold is dropping through a key trendline, while oil looks to be poised for a break higher.

Gold
Source: Bloomberg

Gold moves down
Weakness today has put the price back below the rising daily trendline. Further declines could us on towards $1228 and then $1202, with rallies likely to be sold from this point onwards.Gold bulls will need to get the price back above $1250 to restore the upward trend, which would then target $1260 and then $1270.

Gold daily chart

WTI on the rise
Having drifted for several days, WTI now finds itself back at the February rising trendline. The lack of any pullback still seems to indicate fresh buying momentum is on its way, with an initial target at $42.60. Above this the price will head into open territory, with the next real resistance at $48.30. 

WTI daily chart

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