Technical analysis: key levels for gold and crude

Oil looks to be putting in a higher low, while gold has enjoyed what could be a short-term rebound. 

Gold bounces from support

There has been strong buying for gold around the $1214 level so far in the past 24 hours.

A rally from here would be normal within the context of a downtrend, but it will have to move above $1265 to escape creating a new lower high. Fresh declines bring the $1205 level into play.

WTI rebounds

From the looks of the price chart it seems like WTI has created a new higher low, bouncing back above $68.00 and gaining momentum.

Further gains will target $72.88 and higher. A close below $66.30 would be a bearish development and raise the prospect of a move down to $63.40.

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