Technical analysis: key levels for gold and crude

Gold and oil are both on the up, helped by a weaker greenback that is resulting in flows into commodities.

Gold bolstered by weaker dollar

Gains continue here, as gold recovers from the pullback yesterday.

A higher low was created around $1278, and further gains target $1288 and then $1309. The overall picture remains bullish in the short- and long-terms unless we see a move back below $1278 and a push below $1273.

Gold chart

Gold chart

WTI buying resumes

Friday’s swift drop to $62.56 has been followed up for now with a push higher for WTI, maintaining the rising trend on the four-hour chart that has been such a consistent performer so far this year.

Continued gains target $66.50, with $65.00 an intermediate area of potential resistance. The bullish view remains intact unless we see a close below $62.40.

WTI chart

WTI chart


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