Technical analysis: key levels for gold and crude

Gold’s decline continues, while crude oil looks set for another move higher.

Gold looks set for more losses

Gains for gold yesterday failed to break back above $1246, previously strong support, with a new lower low being registered during the session.

A bounce needs to move above $1251, to suggest that a rebound is underway. A close below $1240 would open the way to $1214, the lows from May.

Gold chart

WTI rebounds from Tuesday low

WTI was knocked back from the highs of the day yesterday, but is attempting to recover.

A move above $58.58 would leave the $59.00 area in play as a potential target, and then on to $62.56. A turn lower will encounter support around $55.67 and then $55.00.

WTI chart

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