Technical analysis: key levels for gold and crude

Oil’s ascent continues, while gold is still struggling to push higher. 

Gold figures
Source: Bloomberg

Gold - still a chance of a move higher?

It has not been a great week for gold bulls, with a bounce to $1255 fizzling out. So long as $1240 holds, then there is still the chance that we may see a move higher, but it will need a close above $1255.

From there, the price could target $1263 and then $1270. A close below $1240 would be the bearish development and could open the way to $1234 and then $1215.

Gold chart

WTI pushing higher again

WTI rally continues, with a break through yesterday’s high at $45.50 opening the way to $46.70 and the 50-day simple moving average (SMA) at $47.30.

Yesterday’s dip to $44.75 brought out the buyers, and retracements should continue to be buying opportunities unless the price moves back below $44. 

WTI chart

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