Technical analysis: key levels for gold and crude
Gold remains ensconced within a tight range, but oil is girding itself for another attempt to break $53.
No end to the sideways move in gold
The shift in gold's price action from relentless upward move to unending range-bound trading is quite something.
Rallies towards $1295 continue to hit a brick wall, and we are now seeing the price move back towards previous support around $1286. The range remains firmly in place until proven otherwise.
WTI tries to break $53
The price of WTI has been stymied at resistance, with several attempts to break $53.00 defeated.
However, the price is now above the 50-day simple moving average (SMA) of $51.49 for the first time since mid-October, providing a more bullish view. Yesterday’s dip towards $51.50 found buyers, so we look for follow-through today.
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