Technical analysis: key levels for gold and crude

Gold and WTI have been gaining ground of late, with the US dollar’s ascent slowing. However, with key resistance up ahead for WTI, this bullish rebound still has hurdles to overcome.

Gold rebound slowing after rally into SMA

Gold has turned lower from the 200-day simple moving average (SMA) earlier in the week, with the market failing to rally through the crucial $1217 swing high.

The subsequent creation of a lower low points towards a possible bearish shift going forward. With that in mind, the bearish outlook is back in play unless we see a break through the $1217 swing high.

WTI rallies towards key breakout level

WTI has rallied through $69.22 resistance, with the inability to break below $68.19 failing to bring about a more bearish picture.

A break through $69.98 resistance would point towards the creation of a wider bullish outlook. However, should we fail to see a break above $69.98, and instead drop below $68.19, then things would look more negative.

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