Technical analysis: key levels for gold and crude

Gold has broken out of a descending triangle, while oil has moved to fresh highs for 2019.

Gold breaks out from trendline resistance

In the short term, gold seems to have formed a base around $1285, and has now broken the near-term trendline resistance from the 29 March high at $1300.

The immediate targets are $1297 and then $1300, followed on by $1312. A close below $1285 negates this more bullish view, although $1277 support is nearby.

WTI registers new high for 2019

The WTI price has marched higher in resolute fashion over the past few days, reaching a new high for the year.

If it closes above $62.56, it will have reclaimed another key level, opening the way to $64.00, a key zone of support in the June-August period in 2018. Areas of potential near-term support are $61.70 and then $60.60.


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