Technical analysis: key levels for gold and crude

Gold is struggling, falling below trendline support from the lows of last August, while oil prices are still in retreat.

Gold falls below key support line

The loss of rising trendline support from the August lows is a potentially worrying development for gold.

The area around $1267 provided support in late April and early May, and yesterday saw a bounce from near this level. A close below $1266 opens the way to $1250 and $1239. A recovery above $1280 would help to provide a more bullish impression in the short term.

WTI turns lower as bullish sentiment fades

WTI has failed to hold the highs of the week, turning lower over the past two sessions.

If the price can hold the area around $62.50 and then rally back above $62.80 then a higher low may be in place. A close below $62.50 on the daily chart opens the way back to the low around $61.00.


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