Technical analysis: key levels for gold and crude

Fresh sideways moves in gold are the order of the day, while oil is looking increasingly bearish in the short term.

Gold poised for a breakout

The price of gold remains in a narrow range, and indeed has formed a triangle between falling resistance and rising support.

A move above $1330 provides a positive break to the upside that brings $1333 and $1346 into view. Meanwhile, a drop below $1325 would indicate a deeper retracement, in the direction of $1300.

WTI drops back from overnight bounce

Losses this week found support around $55.00 for WTI, but the overnight rally has faltered, creating a lower high at $56.30.

A fresh decline would head towards $55.00, and below this $53.45 comes into view. A move back above $56.30 targets $58.00 and would mark a resumption of the broader move higher.


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