Technical analysis: key levels for gold and crude

Commodity prices have recovered from weakness in Tuesday’s session, and are looking to move higher. 

Gold finds buying momentum

Gold weakness early on in yesterday’s session was sharply reversed, with the price bouncing off $1337. Further gains will push back towards $1350 and then $1358.

Dips have been firmly bought over the month so far, so we wait to see if the price can clear the zone of resistance around $1350.

WTI back above $67.00

Buyers came in to push the price for WTI back towards $66.58, and today it has moved beyond $67.00 once more.

Momentum remains strong, with the recent high at $67.64 the next near-term target. Dips towards the $62.00 level continue to represent buying opportunities.

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