Technical analysis: key levels for gold and crude

Gold’s bounce appears to have run its course, while oil prices are unable to push higher this morning.

Gold stuck below $1300

If bulls don’t take charge soon there could be some difficult times ahead for goldThe price has significantly failed to break through descending trendline resistance over the past two weeks, with each push higher turning into a lower high in a downward move from the 25 May high at $1307.

The latest drop now seems set to challenge rising trendline support from the December 2016 low. If this breaks then near-term support at $1290 and $1285 is possible.

WTI surrenders Friday’s gains

While the price for WTI bounced off support at $64.18 last week, Friday’s gains have been given back.

A close below $64.18 would signal a deeper retracement towards $61.84, the next area of support, while a bounce requires a close above $66.60.

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