Technical analysis: key levels for gold and crude

A potential breakout in gold has been stymied, while oil’s decline continues.

Gold rally knocked back

An attempt to close above $1235 came to naught yesterday for gold as risk appetite recovered, but if equities drop once more it will likely make another attempt to break above $1235.

Above this, $1260 comes into view, and $1220 remains as possible support.

WTI still burdened by selling

The decline continues here, with WTI recording a new lower low.

A rebound would need to clear the $70 area to break the swing high from the past week, otherwise more losses seem likely. The price is now below the early September low at $67, so further declines target $64.

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