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Technical analysis: key levels for gold and crude

Ongoing risk-off sentiment has pushed gold higher once more, while yet more losses are seen for crude oil if key support is lost. 

Gold bars
Source: Bloomberg

Gold

The rally goes on, with little sign of it stopping yet. The $1390 mark is the next area to watch, followed by the August 2013 peak around $1440.

Gold is pushing overbought levels for the first time since February, but for now dips should continue to be bought. It would now need a firm close below $1350 to suggest the bounce has run its course, and then the next area to watch becomes $1300.

Gold

WTI

Yesterday’s drop has taken WTI back to the key $46 area, so we could see a swift drop to the $42.60 area if it is broken. A bounce from here could challenge the $50 area, and then on to the June highs at $51.50.

Buyers need to step up, if the February rally is not to come to an end. 

WTI

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