Technical analysis: key levels for gold and crude

A swift drop for gold has provided a potential tradeable long for bulls, while oil’s ‘slow but steady’ rally goes on.

Oil rig Source: Bloomberg

Gold’s sharp dip provides opportunity for bulls

Yesterday’s sharp pullback has arguably reset the bullish clock for gold, and the dip on the four-hour chart provides a good potential entry point for longs.

While the price might struggle to gain traction in the near term, the rally off $1320 suggests that there is still significant bullish momentum.

Gold chart

Gold chart

WTI pushes higher

After yesterday’s dip, the WTI rally has resumed but it needs to push on above $57.50 to avoid creating a lower high.

The next target is $59.41, while intraday dips should continue to be buying opportunities.

WTI chart

WTI chart


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