Technical analysis: key levels for gold and crude

Buyers continue to propel gold higher, while oil is looking to follow through on Thursday’s spike. 

Source: Bloomberg

Gold likely to move higher

Yesterday’s dip was met by fresh buying, confirming the strength of gold to move higher. A move through $1326 leaves the price free to head towards the $1350 area.

Dips should still be viewed as buying opportunities, unless we see the price drop back below $1280. 

WTI bullish outlook negated

Yesterday’s spike higher for WTI has yet to be followed by more bullish momentum. Indeed, the failure at $47.50 makes the outlook less encouraging.

A move upwards and back above $47.50 would leave the way clear to test $49.40. A close below $46.00 negates the bullish outlook.

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