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Technical analysis: key levels for gold and crude

Both gold and oil seem poised for more gains after recoveries at the end of last week. 

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Gold bulls aim for more after rebound

Thursday’s steep dive for gold was followed by steady buying on Friday, and more so far today.

A push above the 50-day simple moving average (SMA) at $1327 would open the way to $1337 and $1342. From Thursday’s price action we would argue that $1313 and $1307 constitute significant support.

WTI builds on strong end to the week

Thursday and Friday saw WTI defend the $60.74 level, moving below it but then recovering.

With this in place, a move back above $62.56 looks possible, and then on the $64.00 highs of last week. Above this, $66.58 comes into play. 

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