Technical analysis: key levels for gold and crude

Gold is flying high, with oil in bullish form too, as 2018 gets underway. 

No stopping gold rally

Gold’s surge has eerie parallels with the December 2016 bounce, which sparked off a strong move in the first six months of the year.

If the price succeeds in closing above $1307 today, then the way is clear to $1311, then $1337. If momentum falters, we look for a close back below $1295 to suggest a near-term top is at hand. 

Gold chart

WTI keeps up the pace

Oil’s run higher from the lows of 2017 continues, with $60.74 the new high to watch.

Support is possible around $59.00, and then at the 50-day simple moving average (SMA) at $57.42. 

WTI chart

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