Technical analysis: key levels for gold and crude

Gold is still surging, reaching new six-month highs but oil is still unable to break higher.

Gold bars Source: Bloomberg

Gold’s rally going parabolic

Gold continues to race higher and, with the current strong momentum, dips remain buying opportunities as we saw last week when the price dropped towards $1265.

From the current levels, $1285 and then $1294 come into view. A short-term bearish view would require a close below $1265 to open the way to $1255 and $1240.

Gold chart

Gold chart

WTI eyes another run at $67

The WTI price has rallied over the past week, but needs a daily close above $47.00 to suggest further near-term upside.

However, we have seen buyers emerge at $44.50 over the past week, so this suggests momentum lies with the bulls for now. Above $47.00, the price heads towards $49.20 and then $52.00.

WTI chart

WTI chart


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