Technical analysis: key levels for gold and crude

Gold is recovering after two days of losses while oil prices are attempting to recover from yesterday’s drop.

West Texas Intermediate Price of oil Technical analysis Commodity Gold

Possible higher low for gold

Gold has weakened over the past two sessions, dropping back from its highs.

It has created a new higher low over the past 24 hours, which might provide another buying opportunity for the bulls. A turn lower targets $1307, and below this would perhaps indicate that a more bearish view is beginning to develop.

Gold chart

Gold chart

WTI holds support

The price of WTI has failed to break $60.40 over the past week, but while it dropped sharply yesterday, it found support around $59.10.

If this lower high remains in place then a rebound to $60.40 may develop. A close below $59.00 would mark a more bearish view, and open the way to $58.30, a key zone of support from 15, 22 and 23 March.

WTI chart

WTI chart

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