Technical analysis: key levels for gold and crude

Gold seems to be losing momentum, while oil has run into a key downtrend line.

Oil barrels
Source: Bloomberg

Gold looking to break through $1315

Gold's attempt to rally off the lows has now been twice hindered at $1335, and now we look to see if the bears can maintain this to break the $1315 low from earlier in the week.

This would open the way to $1307 and then to $1295. Above $1335 the price could contemplate a move to $1358 and the highs from earlier in the week. 

WTI downtrend continues

The attempt of WTI to push on above $50.50 yesterday was defeated. As a result we look to see if the price will continue the turn lower, as the downtrend from the February highs reasserts itself.

Below $49.40 and the way would be clear for another drop towards $47.00 and lower. A close above $51.00 would negate the downtrend and suggest a sustained push to $52.00 and higher. 

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