Technical analysis: key levels for gold and crude

Crude remains stuck in its range, while gold is looking to test recent highs. 

Gold
Source: Bloomberg

Gold’s price holds on for now

A recovery to $1240 yesterday saw modest profit-taking overnight, but the dip buyers are returning to lift the gold price off its lows. We now look to see if the bulls can breach $1245, and then push on to the 200-day simple moving average at $1261.

The staunch defence of $1220 over the past week lends credence to the idea that the buyers are back in control. Sellers would need to see the price below $1220 to indicate that the rally has run its course.

WTI requires more patience

The $52-$54 range persists here, with the WTI price refusing to break out.

We continue to wait to see whether this current move to $52 has the power to break lower and push on to the next support zone at $50.60.

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