Technical analysis: key levels for gold and crude

The gold bulls have pushed the price back to $1200, but now their strength appears to be fading. Oil however continues to rally. 

Gold struggles around $1200

The rebound of the past week carried gold back above $1200, but it is faltering today.

A move below $1188 would suggest more near-term weakness, potentially opening the way to $1180 and then $1160. A move through $1200, with a daily close above this level, suggests a challenge of $1205 and then $1214.

WTI pushes higher for another day

The steady rally continues here, lifting WTI back towards trendline resistance from the late July high.

A move above $66.80 would open the way to $68.40 and more trendline resistance, this time from the June highs. Horizontal resistance levels to watch come in at $67.80, $69.30 and then $70.00. A fresh turn lower below $65.00 would be needed to negate the more bullish view. 

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