Technical analysis: key levels for gold and crude

The steady range goes on in oil, while gold is doing its best to push on after a break higher last week. 

Gold bars
Source: Bloomberg

Gold eyes $1300

Gold is off the highs of last week (just above $1270), but since it is holding above $1265 we continue to think more upside is possible.

A push through $1275 would still target $1300, while a failure to move higher could risk a move back to $1250. This would still risk a move to $1200 should selling intensify. 


Brent sees support at $51.50

The price seems happy to stay within its current consolidation, although declining momentum indicators on the daily chart might suggest selling the rallies is a better proposition for now.

However $51.50 continues to act as support, so we need to see a break below here for bearish momentum to materialise in earnest.

A break higher from the current range needs a close above $54 for Brent.


WTI looks to $62.56

A similar picture prevails for WTI, with the relevant levels being $49.50 on the downside and then $52 on the upside.

Above $52 we still look towards $54.13 and then $62.56. 


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