Charting commodities: could oil and gold be about to break higher?

Hours before the weekly crude oil inventories, WTI has finally broken out of the descending triangle formation. Nevertheless, we still see lower highs at the moment. For IG analyst Josh Mahony, the level to watch here is $46.04. 

Once broken, it could spark more bullish price action. As far as gold is concerned, we are very close to a major level of support. A break above $1110 could trigger a good bullish play.

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Live WTI | Gold prices

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