Technical analysis: key levels for gold and crude

Gold has fallen through vital support, while WTI bulls are slowing the pace of declines in the asset. 

Gold slumps to fresh lows for the year

Gold ran into $1245 yesterday, the area that stalled progress to the upside on Monday, and promptly turned lower and dived straight through key support at $1236, taking it to new 12-month lows.

New areas to watch for possible support are $1213 and $1205. The commodity has clocked up lower highs since April, so a close above $1266 is needed to reverse the ongoing bearish view here.

WTI fall slows

The bears continue to dominate in WTI for now, but they have been unable to make much more headway over the past two days.

The price continues to hover above $66.00, so is still a higher low within the current uptrend. The $64.00 zone is the next possible area of support. A turn higher will see the price push towards $67.40, and then to $71.00. 

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