Technical analysis: Key levels for gold and crude

Gold continues to gain, testing the recent highs around $1250, while the pain trade has resumed for WTI, which has taken another leg lower as it heads back to fresh 52-week lows.

Gold targets 200-day SMA

The price of gold is nudging above $1250 resistance, which it tested earlier in December.

Above here the 200-day simple moving average (SMA) at $1253 and then the $1261 area comes into play. A fresh drop targets $1236, which held as support earlier in the week. Longer term, the upward move from the August low is intact, and any deeper retracement would still be a buying opportunity.

Gold price chart

Gold price chart

WTI hit hard by selling

The sideways trading of WTI evident since the beginning of the month has finally ended, with a sharp drop over the past two days.

Near-term support is found around $45.78, but descending trendline resistance around $50.00 could well contain any gains.

WTI chart

WTI chart

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