Technical analysis: key levels for gold and crude

There has been no let-up in the oil rally, while gold has failed to bounce despite some gains overnight.

Worker checking oil barrels
Source: Bloomberg

Gold slips towards last week’s lows

Gold bulls have been disappointed yet again, as the price pushes back towards the lows of last week around $1160.

A push below here still suggests a move down towards $1130 and then $1110. Any rally has to clear $1175 and then get above $1200. 

Brent climbs higher, but are post-OPEC gains limited?

Brent has pushed through the key $54 level, and now looks set to maintain a move towards $56.80 and then $59.20. It would need a close back below $54 to suggest the post-OPEC bounce has run its course. In that case, we would look to $53 and then down to $51.55. 

WTI seeks close above $52

If the price can close above $52 then we would look towards $54.13, and then above this the next real resistance is the mid-2015 high at $62.56.

Any close below $52 would raise the prospect of a move back to $49.53 and then potentially back to the rising 2016 trendline from the February lows. 

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