Technical analysis: key levels for gold and crude

Gold’s steep drop yesterday threatens to nullify the recent rally, while oil is continuing to edge lower for the time being. 

Gold looks to recover from swift drop

Another drop for gold saw it fall to $1270, the lows of mid-November. These are holding for now, and dip buyers are stepping in so far this morning.

Upside targets come in at $1284, and then $1295. While below $1270, the $1264 area comes into play once more. 

Gold chart

WTI presses lower after recent high

WTI has dutifully followed a downward trendline since the peak at $59.00 earlier in the week, so we need to see a move above $58.00 to break this trendline resistance.

Over the past few days, support has been found at around $57.00, so if this goes we look to $55.67, and then $55.00. 

WTI chart

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