Technical analysis: key levels for gold and crude

Gold has failed to move out of its current tight range, while oil prices are moving lower after reaching a new high for the year.

Gold held in a tight range

Gold continues to bounce between $1285 and $1296, with no sign so far that this range is about to be breached.

Gains target $1309 and then $1326, while a decline below $1280 (where the spike down on Thursday ended) would open the way to $1260 and rising support from the August 2018 lows.

Gold chart

Gold chart

WTI edges back from highs

WTI has retraced from its highs of the week, but such a pullback may provide a buying opportunity.

A rally would target $63.00 and then on to $64.12. Further declines target $60.40, the highs from late March.

WTI chart

WTI chart


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