Technical analysis: key levels for gold and crude

Weakness in gold persists, while oil prices continue to drift lower. 

Oil rig
Source: Bloomberg

Gold

The unwind in gold continues, although for now the bulls holding the price above $1210. A move below here targets the $1200 area, and then on towards $1180.

A bounce needs to clear $1230, which was previously support on 15-16 March. Above here the targets are $1240 and then $1270.

WTI

Shorts will be watching for a move below $38. With speculative long positions in crude now at a 21-week high, the drop could be rapid if longs find themselves having to abandon positions in short order.

Below $38 the index may head towards $36, the low of 15 March, with the 50-day simple moving average at $34 the next destination. 

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