Technical analysis: key levels for gold and crude

Dollar strength is hobbling commodities, although both gold and oil remain within recent uptrends. 

Oil pump
Source: Bloomberg

Gold stumbles for a second day

Gold has fallen back overnight to the $1332 area, as it did yesterday.

A bounce would target the $1345 area, the highs of the week so far. Below $1332, the price will head towards $1326 and then $1313.

Gold chart

WTI ticks lower for now

So far, WTI has not been able to reclaim the highs seen at the beginning of the week.

However, it remains above $63.00, where it bounced at the end of last week. A decline below $62.56 would open the way to $60.74. A turn higher targets $64.82 in the first instance.

WTI chart

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