Technical analysis: key levels for gold and crude

Commodities enjoy a resilient week, with both WTI and gold trending higher once more.

Gold
Source: Bloomberg

Gold seeks to break higher once more
Over the past three trading days, gold has been in a clear upward trend as it regains ground lost in March. This trend looks likely to continue, with early morning weakness finding support at the 50% retracement.

However, it is worth noting that the market topped off at $1260 overnight, which is a notable resistance level from March. Thus a break through $1260 would highlight a good chance that this uptrend will continue, with resistance levels of $1263 and $1271 coming into view.

Gold daily chart

Uptrend remains in play for WTI
WTI looks remarkably like gold, with a 38.2% pullback overnight looking to spark another leg higher. Once more, we have a notable area of resistance above current price, with $42.00-42.38 a zone to watch. Alternately, a break back below $40.16 would be the signal that this uptrend could be over.

WTI chart

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