Technical analysis: key levels for gold and crude

Commodities began the year well, but are pausing for breath this morning. 

Gold consolidates after push higher

The gold rally from the December lows has paused for breath, but it continues to find support around $1314.

Additional support is possible around $1307. Above last week’s high of $1326, the $1337 and $1358 levels come into play.

WTI eases back from highs

The broader uptrend for WTI is intact here, having started off well in January.

Weakness has usually been short-lived, and any pullback that remains above $56 would constitute a higher low. Additional support is possible around $59. 

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