Technical analysis: key levels for gold and crude

Gold’s move higher is still in place, although upward progress seems lacking. Meanwhile, oil has new highs in its sights. 

Oil pump
Source: Bloomberg

Gold edges upwards

While gold is struggling to move above $1280, it is at least making higher lows.

As long as the $1272 area holds, another attempt to move higher is on the cards. A move below $1264 still reverses this bullish outlook.

Gold chart

WTI looks to fresh highs

The $54.00 level has been held for WTI, after a drop in the earlier part of this week.

The next target to watch is $55.32, the high from Wednesday, with $55.67 the next big level on the upside. Above this, $62.56, the mid-2015 high, comes into play. 

WTI chart

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