Technical analysis: key levels for gold and crude

Both gold and oil are looking to continue their strong rallies.

Gold drops back but finds support

While the price for gold dropped back from its highs overnight, it has since found support at $1314.

A further push higher continues to target $1326, then $1337 and $1358. The near-parabolic move has yet to see a meaningful retracement but, below $1314, the first areas of possible support are $1307, and then $1295.

WTI keeps on moving higher

The uptrend remains in place for WTI, but bulls may wish to wait for a deeper retracement intraday to offer a more attractive risk-reward outlook.

The level to watch on the upside is still $60.74, while $59.00, and then $55.67, could be areas where buying pressure will emerge.

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