Technical analysis: key levels for gold and crude

The rally in gold has been on hold for several days, but oil buyers are showing up once again.

Gold continues to digest gains

Moves above $1230 over the past few days have run out of steam for gold, but so far buying support is keeping the price above $1216.

Below this, $1214 and $1205 are potential areas of support. The $1236 area remains an area of resistance, while the still-declining 100-day simple moving average (SMA) of $1227 is also limiting further upside.

WTI moves off the lows

The rebound in risk appetite in equities has spilled over to WTI as well.

The price has continued to move off the lows, but for now a close above $72.40 still eludes it. Above this, $72.88 comes into view. Higher lows since last week mean that a move back below $70.86 is needed to bring $70.34 into play as support.

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