Technical analysis: key levels for gold and crude

Gold and WTI are both in the hot seat, with the dollar weakness helping reverse recent losses. Could this be the beginning of a new bullish phase for commodities?

Gold looks set for further upside

Gold has broken higher from a falling wedge formation, with the gains seen throughout the past fortnight looking likely to persist.

An hourly close above $1208 would provide greater confirmation of this bullish break, with $1217 the next major resistance level of note.

WTI breaks through key resistance level

WTI has fleetingly moved past the $70.00 mark overnight, pointing towards a wider recovery for the market.

While we are likely to see a retracement at some point, further upside looks likely as long as we don’t see a break below the $68.19 swing low. Thus, any short-term downside could be seen as a good opportunity to get long WTI.

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