Technical analysis: key levels for gold and crude

Gold and oil had a tough week last week, but both may see rebounds in the short term.

Gold hopes for a rebound

We saw $1307 act as a barrier to upward progress last week, but the gold bulls have managed to hold the rising trendline from the December 2016 lows.

A continued defence of this level suggests another run at $1307 and the 200-day simple moving average (SMA) at $1308. A bearish view would develop with a close below $1283, the lows from last month.

WTI loses a key trendline

Oil bulls will note with a degree of worry the close below the rising trendline that has held since the end of last August for WTI, but it may not be the end of the rally just yet.

A move back above $66.60 would revive the bullish view, with a short-term target of $68.65. Further declines would target $64.18 and then $61.84.

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