Technical analysis: key levels for gold and crude

Gold has failed to break $1205 but could see a near-term bounce, while WTI continues to drop after recording a new higher high.

Gold poised for short-term bounce

Last week saw gold bash its head against $1205 several times, but with no success.

The move towards support at $1195 may result in a bounce, but a close above $1205 and then $1215 is still needed to indicate a breakout. A close below $1195 brings $1180 and $1160 back into view as possible support.

WTI pushes lower

WTI logged a new higher high last week, before beginning a pullback.

Below $72.88, rising trendline support from the August lows comes into play around $72.00. Below this, the $70.40 area is possible support.

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