Technical analysis: key levels for gold and crude

Gold is holding above $1195 but recent heavy losses do little to suggest a bounce is on the way, while oil prices have continued their modest recovery.

Gold back to vital support

Hopes of a strong move higher have been dashed as gold slumps from above $1200.

However, over the past two weeks dips below $1195 have found buyers, so a close below $1190 is needed to suggest that the sellers are back in control. This opens the way to $1180 and $1160. A bounce from $1195 targets $1214, where gains have stalled since mid-August.

WTI bulls take charge

After a choppy week, WTI has recovered, suggesting that another test of $70 and higher may be on the way.

This bullish view persists until we see a drop back below $67.

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