Technical analysis: key levels for gold & crude

Gold has stalled but oil is in the ascendancy once again.

Gold bars
Source: Bloomberg

closed around $1240 on 11 February, and since then it has failed to close above this level. Three times this week (today being the third) it has tried to move on above $1240, with no success. 

The risk is now that we see a move back to the bottom of the current range, down to $1205. Below this we have rising support on the daily trendline, currently at $1180. A breakout above $1240 still targets the month high at $1260. 

finds itself knocking on $36’s door once again. Yesterday’s attempt to break higher didn’t end well, so the risk is that we have another move lower. If that transpires, then we look to the lows of Wednesday around $32.30, and then down to $31.80. A break above $36 heads towards $39, and then the 100-day SMA at $39.80.

Having bounced yesterday, the commodity is now heading back towards key resistance around $34. Above this we have resistance at $34.53 and then $35.40, and through here takes us on to $38.05, the highs of late December. 

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