Technical analysis: key levels for gold and crude
Oil is finding buyers early on in the session, while gold prices are looking to push above recent resistance.
Gold aiming for range breakout
The gold price remains stuck below $1300, but over the past two sessions the commodity has not tested the key lows around $1280.
Further gains require a close above $1300, which would bring $1310 and $1326 into play. A close below $1276 is needed to firmly establish a move to the downside in the near term.
WTI stalls at 50-day SMA
WTI has faltered at the 50-day simple moving average (SMA) of $52.29, but the uptrend from the December lows is still intact, for now. It has found support around $51.00, and if this is a higher low then we expect a push back towards $53.00.
If the price fails to push on and create a new lower high, then we may see a short-term bearish move develop.
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