Technical analysis: key levels for gold and crude

Oil has managed to clear key resistance, while gold has moved lower in early trading.

Gold edges back for now

The gold price is moving off another six-month high, but until we see a drop below $1280, it is still more likely to be a buying opportunity.

Only a sustained price action below $1280 would change the short-term picture. Further gains target $1300 and then $1309.

Gold chart

Gold chart

WTI finds the strength to rally

WTI has finally managed, it seems, to clear the $47.00-$47.50 area of resistance. This breakout, if it lasts, brings the $49.00 and then the $52.00-$53.00 zones into play.

A pullback would potentially find support around $47.00 and then down to $45.70.

WTI chart

WTI chart


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