Technical analysis: key levels for gold and crude

It was a mixed end to the week on Friday, but commodities have managed a modest bounce at the start of a new week.

Gold bounces back from sell-off

The price of gold recovered from the lows of last week, and while it dropped back from $1315, it could post a higher low here and move back to $1315 and then $1326.

A decline back below $1308 raises the prospect of a move to $1300, and then onto the $1280 area.

Gold chart

Gold chart

WTI holds $52.00

A small bounce on Friday saw the price of WTI defend the $52.00 level.

But it continues to see lower intraday highs, a process that began last week. A rally above Friday’s high of $53.20 would at least create a new higher high, but trendline resistance would likely come into play around $53.40. A break of $52.00 would open the way to $49.20.

WTI chart

WTI chart


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