Technical analysis: key levels for gold and crude

Oil is fighting hard for $38, but overall it looks like the sellers are still in charge.

Gold bars
Source: Bloomberg

Gold puts sellers on the front foot
Given the steady progression of lower-highs since mid-March for gold, it might prove sensible to see rallies as possible selling opportunities. A failure to push on beyond $1240 indicates the sellers are back in charge, with targets around $1220 and then $1210 in sight. 

WTI keeps low trend
Although back above $38 for now, the commodity is still trending lower. A move back below $38 would then target $36, the low from 15 March, with the third weekly pivot support at $34.44 the next target. The price has to move above $40 to indicate firm bullish momentum. 

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