Technical analysis: key levels for gold and crude

While oil prices continue their descent, gold looks to be on the cusp of rolling over. 

Oil barrels
Source: Bloomberg

Gold dipping again
Having unwound most of the gains of 3 and 4 December, gold is moving below $1070, with a firm close below this level targeting $1061 and then $1050. Any bounce higher would head towards $1079 and then $1082.

Brent heading lower
Bounces in Brent crude appear to be short-lived at present, and it really appears to be a case of waiting for the next big move down. So far $39.50 is still support, as it has been over the past two days, and a move lower will target $38.68 and then $37.91. Resistance is likely around $40.35 and then $41.12.

WTI in flux
An intraday rally has moved the price away from support at $36.50, with the next area to watch being the 50-hour simple moving average at $37.19, and then on towards yesterday’s peak around $37.50. A move down heads towards support at $35.70 and then $35.02.

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