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 bars Source: Bloomberg

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.

Gold chart

Gold chart

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.

WTI chart

WTI chart


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