Technical analysis: key levels for gold and crude

Gold has consolidated over the past two days, while oil continues to surge. 

Gold holds key support

Gold fell back to the $1307-$1314 support zone, and is now moving higher.

From $1326, the high so far this month, we look for further gains in the direction of $1337 and $1356. A move below $1307 would be bearish, although only a drop below $1295 would really signal a change of direction.

Gold chart

WTI rally shows no sign of stopping

WTI leapt higher yesterday, moving above the 2015 highs.

The price remains overbought on the hourly chart, and while this does not suggest that a pullback is at hand, those waiting to buy the dips may wish to wait for a move back towards $62.

WTI chart

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