Technical analysis: key levels for gold and crude

While gold aims to move higher, oil is heading lower. 

Source: Bloomberg

Gold rally intact

Gold’s uptrend is intact here, with the dip to $1326 creating a higher low.

We look for further gains that will see the $1345 level retested. Areas that remain as support are $1326, and then $1307-$1313. 

WTI falters

Unlike gold, the WTI rally has faltered here, with the price unable to push higher.

Indeed, we now have a short-term downtrend that could see the lows of last week at $62.84. If $62.56 is lost, then $61.05 and $60.74 both come into play as possible support.  

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