Technical analysis: key levels for gold and crude

Gold’s gains are running into vital resistance, while oil has recovered from recent weakness.

Gold stuck at key resistance

The price for gold has continued to recover, but it is still capped by the $1307 area.

Another failure here raises the prospect of a continuation of the downtrend seen since mid-April, pushing back to $1290 and $1280. Above $1207, the $1326 high from mid-May comes into play.

WTI bounces after losses

WTI has defended the $66.60 area this week, and is moving higher once more, with $69.54 and then $73.00 the current resistance areas to watch.

A more bearish view requires a push back below $65.25 to open the way to possible support at $62.56.

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