Technical analysis: key levels for gold and crude

Both gold and oil are under modest selling pressure this morning. 

Oil pump
Source: Bloomberg

Gold’s rally falters again

Gold’s uptrend continues to deteriorate here, although the $1326 level is still holding, which gives bulls grounds for some optimism.

Below this, the $1315 area could be support. Rallies over the past two weeks have been sold, with a series of higher lows since 24 January. As a result, the price needs to push above yesterday’s high at $1346, to suggest a turnaround is in progress.

WTI drifts lower

WTI failed to rally yesterday, and looks to be turning lower once more.

Below $62.56 the price heads towards the 50-day simple moving average (SMA) at $61.15, and then on to $60.74. Since late January, it has been recording lower highs and lower lows, so we would need a push back above $66.00 to reverse this.  

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