Technical analysis: key levels for gold and crude

Gold’s move higher is under threat, while oil is moving sideways after finding a bottom around $50.

Gold bars
Source: Bloomberg

Gold tests support

The gold price is testing at $1236 again, with a break below here suggesting we will see a drop towards the 50-day simple moving average (SMA) at $1224, and then on towards $1210, when rising trendline support comes into play.

A rebound above $1250 is needed to suggest a breakout is taking place.

WTI moves sideways

The WTI price has traded between $50.00 and $53.00 over the past few days, with no sign that this range will yet be broken.

The potential support is $49.20, while $55.00 would be a near-term target.

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