Technical analysis: key levels for gold and crude

The poor run in gold prices has paused this morning, while WTI looks to break out from its recent narrow range. 

Source: Bloomberg

Gold eyes support at $1061

Despite suffering one of its longest losing streaks in years, gold prices have risen slightly this morning, moving back above yesterday’s lows.

However, we still need to see a close back above $1080 to suggest that the buyers are back in charge. Otherwise, we look to support at $1061.

Brent could see $45

Dips below $43.50 for Brent continue to be bought, but until the price moves back through $45 upside is likely to be contained.

A move through here targets $45.80 and then the 200-hour SMA at $46.46. Downside support is still likely around $43.30.

WTI targets $42.60

The price is moving through yesterday’s highs above $42.20, breaking out the range of the past three sessions.

Upside targets for WTI lie around $42.60 and then $43.20, while support is possible around $41 and $39.95. 

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