Technical analysis: key levels for gold and crude

Gold is out of favour once more, while oil’s bounce has faltered at a vital level. 

Gold revisits important trendline

Gold is tumbling once again, dropping back to the post-December 2016 rising trendline.

If this support gives way then $1290 and $1285 come into view in the near term, and then down to $1264. A recovery requires a close above $1300, in order to set the price up for a challenge of $1307.

WTI falters at key level

The move higher for WTI continues here overall, but worryingly for the bulls the price hit the two crucial lines of resistance at $66.60 and then fell back.

A close above these (horizontal resistance and trendline resistance that was previously support) is needed to restore a bullish outlook. Further declines bring $64.18 into play again. 

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