Technical analysis: key levels for gold and crude

Dollar strength is keeping gold in check, but oil shows no sign of turning lower.

Gold knocked back to Monday’s lows

Gold has given up the rally from Tuesday’s session, and now a move below the $1320 area would bring $1314 and $1307 into view.

This would then bring the 200-day simple moving average (SMA) of $1303 into play and put the price in oversold territory for stochastics. Given that this kind of price action has then resulted in a bounce, we could be on the cusp of a new leg higher for gold in the weeks to come.

WTI still on the up

The price for WTI has fallen back to the $67.30 level that has acted as support over the past few days.

Below here, $66.58 comes into play, and then $64.82. A break above $69.54 would put the price on course for $73.25.

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