Technical analysis: key levels for gold and crude

Gold’s losses continue, while oil is looking to push on after its bounce yesterday. 

Gold bars
Source: Bloomberg

Gold downtrend intact

Gold continues to be sold, with any push back towards $1280 likely to be a fresh opportunity to sell. A close above $1290 is needed to reverse the negative outlook.

Below $1264, $1246 and then $1240 come into play.

WTI fights to move higher

WTI finds support around $50, bouncing back above the post-February downtrend line. If it can move above $51.36 then the price can challenge the $53 high from the end of September.

A close below $50.50 would raise the prospect of a move back to $50, and below this the $49.40 level comes into view. 

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