Technical analysis: key levels for gold and crude

Gold is still unable to break resistance, but oil has found some buyers close to recent lows.

Gold held back by resistance

All attempts by gold to move above $1230 in the past week have come to naught.

Resistance levels in the event of a move higher lie at $1235 and then $1261. Dips to $1220 usually find buyers, while a further decline targets $1214 and $1205.

WTI starting to bottom out?

If the price of WTI can move back above $70.30, then it is likely that the move higher will gain momentum.

A drop below last week’s low of $68.54 would suggest a dip towards the $67.00 area, the lows from the beginning of September.

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