Technical analysis: key levels for gold and crude

Gold appears to be on the way up once more, but the same cannot be said of oil. 

Gold bars
Source: Bloomberg

Gold going up again

A turnaround looks to be in place for gold, with the defence of $1240 leading to a bounce.

The next target is $1280 and then on to $1294. It would take a move back below $1240 to negate the positive outlook here.

WTI remains bearish

So far there is not much sign of a real turnaround for WTI, we would need a push back above $44 to put a more bullish spin on things.

The $42 level will be the one to watch on the downside, as it would open the way to $39.60. 

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