Technical analysis: key levels for gold and crude

Gold continues to hold on to most of its gains from Friday, while oil prices appear to be breaking lower. 

Source: Bloomberg

Gold eyes $1097

Having bounced on Friday, gold has now drifted lower, but for now the $1082.30 level is providing good support.

Dips towards $1077 may continue to bring out buyers, allowing the price to move through Friday’s high of $1089. This would then target $1097 as the next area to watch for. 


Brent could find support at $42.32

Continued downward momentum seems to be the rule here, after the OPEC meeting on Friday.

Key support around $42.32 for Brent, both from last week and late August, is to be watched carefully, with a move through here heading towards $41.43.

A bounce would run into resistance around $44.46.

WTI could challenge $41.55

Having dropped through key support at $40, WTI now looks to be headed towards $38.18.

Further support is possible at $36.77. Any bounce needs to get back above $40 and then challenge $41.55  

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