Technical analysis: key levels for gold and crude

Gold looks robust after ending the week on a good note, while oil prices are eyeing further gains.

Gold bars
Source: Bloomberg

Gold looks like it can still move higher
So long as $1250 holds a move back towards $1275/$1280 is still possible for gold, and then beyond this to $1300. A break below $1250 brings rising support around $1220 into prospect, with some support around the May 2015 peak of $1233 possible as well. 

Brent’s upward trend remains intact
Moves above $41 proved difficult to sustain last week, but with the upward trend intact a break of this resistance is still possible. This may well cause a more sustained move to $46 for Brent, currently the 200-day simple moving average.

The 200-hour SMA, $39, is a first possible area of support, as it was also where the price steadied on 7 March. 

WTI still looking up
So far the uptrend in WTI is still intact, although it has faltered at $39. The uptrend should still support price action, heading on towards $42. A move below $37 is needed to cancel out the positive scenario. 

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