Technical analysis: key levels for gold and crude

Both gold and oil are finding the strength to move higher this morning. 

Gold rally refuses to stop

Gold’s trend higher roared back into life last week, with the price this morning moving further above the $1337 level.

Now, $1360 comes into play. Possible areas of support are $1337, and then $1326. A move below $1307 is needed to suggest the broader move higher has ended for now.

Gold chart

WTI keeps on moving higher

For WTI too, the steady gains continue, with a dip on Friday bringing out the buyers.

A broader pullback towards the 50-day simple moving average (SMA), currently $59.00, would take some of the heat out of the market, but also provide a possible buying opportunity. A break above last week’s high of $64.57 opens the way to fresh gains. 

WTI chart

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