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Technical analysis: key levels for gold and crude

Gold shows no sign of stopping, but oil prices have run out of momentum at key resistance.

Oil
Source: Bloomberg

Gold breaking towards $1375

Dips are in short supply here, as momentum and news events continue to drive gold higher.

A break of resistance at $1358 sets gold up for a push to $1375. Dips that hold above $1300 should continue to be regarded as buying opportunities.

Gold price chart

WTI is challenging the downtrend

WTI has faltered around $49.40, but a drop back is likely to find support around $48.50 and then $47.50.

A close above $49.40 would open the way to $50.50 and then $51.00, with the latter resulting in a challenge of the downtrend line off the February highs. 

Oil price chart

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