Technical analysis: key levels for gold and crude

Gold’s decline has stalled, but shows no sign of turning higher yet, while oil is still in retreat. 

Gold mining
Source: Bloomberg

Gold looks set to continue the downward move

The small bounce off $1241 seems to be running out of steam for gold, and thus it looks like the downward move will continue if $1241 is broken. The low from May at $1214, is the next target.

We would need to see a move above $1255 to really show that a bounce is in play.

Gold price chart

WTI in a bearish zone  

Another drop for oil yesterday took WTI into a bear market, with no sign of a turnaround here either. On the daily chart, if $42.80 breaks then $39.60 is the next target.

Bulls need a move above $45.30 to increase the prospect of a bounce. 

WTI price chart

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