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Technical analysis: key levels for gold and crude

WTI has recovered again, setting it up for another test of $52, while gold seems to have fallen asleep. 

Gold bars
Source: Bloomberg

Gold could see 200-hour SMA

The rangebound trade goes on here, with the price bounded by $1250 and $1265. Unless and until this comes to an end there seems little chance of real direction.

The falling 200-hour simple moving average (SMA) ($1265.70) also conspires against any move to the upside for gold.

Gold

WTI could target $46.10

Once again a dip below $50 brought out buyers for WTI, with the price holding above $49.50. We now look to see if it can move on above $52, with the previous targets at $54.13 and then $62.56 still intact.

A move below $49.50 would target the rising 2016 trendline around $46.10. 

WTI

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