Technical analysis: key levels for gold and crude

Oil prices continue to decline, while the gold rout goes on. 

Gold bars
Source: Bloomberg

Gold rallies may still be sold

Efforts to find real support in gold have proven fruitless, but for the time being the price has held above the lows of $1122. Further gains would need to break $1140 and then $1153, and then we may see a push towards $1180.

Below $1122 the price targets $1110 and then $1097. For the time being, it looks as if rallies will continue to be sold.

WTI battle for $52 continues

The battle to hold $52 goes on, and the downtrend from the week’s high at $55 is still intact. Support is possible at $51.17 and then $50.32, and it will be interesting to see how the price reacts if the coming week sees a close below $50. Resistance could be found at $52.62, $53.22 and then $54.07. 

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