Technical analysis: key levels for gold and crude

Oil has hit the top end of the range, at $54, while gold is looking for a catalyst to push back to $1220.

Oil storage tanks
Source: Bloomberg

Gold potentially targeting $1254

The price succeeded in breaking $1220 yesterday, but momentum faltered towards the end of the session. A recovery back to $1220 would show more gains are on the way, with a move higher targeting $1237 and then $1254. 

WTI buyers need to push through $54

The rally goes on, but now the buyers have to break $54, which would open the way to $55.20 and $56.17. The $54 area has proved to be a major hurdle, so weakness here could suggest a move back to the bottom end of the range at $52. 

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