Technical analysis: key levels for gold and crude

Oil is still in a steady uptrend despite yesterday’s losses, but gold remains stuck in a range.

Gold heading for another test of range top

Gold is pushing back to the top end of the trading range that has prevailed since the end of August.

Rallies to $1214 tend to run out of steam, so we will see if this one is any different. If it does turn lower then the mid-range $1195 level and then the $1190 area come in as support. A breakout from $1214 or $1190 is needed to suggest the beginning of a wider move.

WTI still in uptrend

A modest move lower yesterday leaves WTI well within the uptrend from the August lows.

Support may come into the fray around $69.00, with the lows of the past week around $68.50 below this. A move above $71.50 opens the way to $73.00 and higher.

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