Technical analysis: key levels for gold and crude

Gold has managed to hold vital support, while oil has continued to drift sideways.

Gold recovers from its losses, holds $1264

Gold explored the area below $1264, but has held the level so far. Further gains would head to $1270, previously key support.

The next areas to watch on the upside are $1275, and then $1284. There appears to be significant strength around $1264, given the repeated bounces off this level, but a break would open the way to $1246, and then down to $1240. 

Gold chart

WTI drifts along above support

WTI continues to bounce along, just above the $57.00 support level, leaving the price in a range between $57.00, and the recent high at $59.00.

We wait to see whether a breakout develops from either of these levels. Above $59.00, the $62.56 high from 2015 comes into play, and below $57.00, $55.67 and $54.00 are potential areas of support. 

WTI chart

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