Technical analysis: key levels for gold and crude

A rising dollar has hit gold prices, while oil remains under pressure.

Small losses for gold

Momentum has shifted against the bulls over the past week, but Friday’s bounce from below $1235 suggests that there is still some buying pressure around for gold.

However, the price will need to recover $1240 to create a more bullish impression in the short term, while a decline back below $1235 hands the initiative back to the sellers and suggests a move towards the 50-day simple moving average (SMA) at $1225.

Gold chart

Gold chart

WTI stuck in a range

The price continues to bounce between $50 and $53 for WTI, so we wait for a decisive break of this range to establish a new direction.

Momentum continues to rise, as shown by the still positive moving average convergence divergence (MACD), but daily stochastics are rolling over, a potentially negative sign.

WTI chart

WTI chart

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