Technical analysis: key levels for gold and crude

Gold has managed to claw back yesterday’s losses, while oil is on a tear once more.

Oil
Source: Bloomberg

Gold recovers its poise

The sellers have been driven into retreat again, as the price for gold bounces back above $1270.

A move above $1285 is needed to confirm that the buyers are firmly in charge, but price action suggests that dips will remain buying opportunities. A close below $1264 is needed to reverse the bullish view here.

Gold price chart

WTI moves by leaps and bounds

Oil and equities appear to be moving hand in hand, with further gains for WTI.

The 2017 high from January at $55.67 is now in sight, and the first potential areas of support are $54.00 and $52.93.

Oil price chart

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