Technical analysis: key levels for gold and crude

Gold seems to be acting like a coiled spring, but oil prices continue their move upwards.

Oil rigs Source: Bloomberg

Gold faces a crunch point

The range continues to tighten for gold, suggesting an outbreak of higher volatility when the price finally breaks out.

The levels to watch are $1294 and $1288.

Gold chart

Gold chart

WTI keeps on rallying

WTI appears to have shrugged off weakness from earlier in the week, and having consolidated around $51.00 is now moving higher.

The near-term targets are $53.00 and $53.57 while a more bearish view requires a break below $51.00, the lows from earlier in the week.

WTI chart

WTI chart

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