Technical analysis: key levels for gold and crude

Once again oil has failed to break a key level, while gold is aiming for another push above swing highs.

Gold back above $1200

The recovery goes on for gold, but until the price recovers and closes above $1214, putting it back above the 50-day simple moving average (SMA) as well, this may be another selling opportunity.

Above $1214, the downtrend resistance from the April high comes into play.

WTI knocked back from $70.00

A second attempt in as many weeks to push WTI through the $70.00 mark has been defeated, providing a possible sell signal.

The price needs to clear the area around $70.00 and close above $70.80 to suggest a further move higher. Otherwise a turn lower will target the $67.00 area.

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