Technical analysis: key levels for gold and crude

Gold shows signs of a possible rebound, but the same cannot be said for oil. 

Gold challenges levels from beginning of year

After several weeks of declines, gold has rebounded, and now looks to be challenging the downtrend line from the January highs.

We will need to see a close above $1333 to confirm that the trend has shifted once again. A move below $1313 would negate this view.

Gold chart

WTI keeps bearish view for now

An attempt at a bounce yesterday brought out the sellers for WTI, so the bearish view remains here, unless the price can move back above $60.74.

Further declines below $59.00 would target last week’s low at $57.93, and then possibly down to $55.67.

WTI chart

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