Technical analysis: key levels for gold and crude

Gold continues its upward move, while oil prices are edging back for a second day.

Gold bars Source: Bloomberg

Gold recovers from overnight weakness

Gold dropped sharply yesterday but the dip buyers came in to rescue the uptrend, with $1304 providing support.

Fresh gains target $1320 and then on to $1326. The bullish view remains unless the price moves below $1300.

Gold chart

Gold chart

WTI risking deep retracement

The uptrend of WTI is intact, but it will need to turn higher soon to avoid breaking through the lower bound of the rising wedge formation. If this occurs, then $56.00 comes into play as a possible target.

A fresh move higher above $60.30 targets the top of the rising wedge around $61.50.

WTI chart

WTI chart


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