Technical analysis: key levels for gold and crude

Gold and oil remain under pressure, with momentum to the downside prevailing. 

Gold rally provides chance to sell

Momentum in gold has been weak since mid-January, and the rally this week was another selling opportunity.

The next targets are $1314, $1307 and then $1295. A barrier to further gains has been $1340, so a break above here is needed to clear the way to $1346 and then $1358.

Sellers remain in control for WTI

Over the past two weeks, WTI rallies here have been conclusively sold into, with the turn lower from $63 earlier this week no exception.

While a rebound is possible in the near term, overall it looks like the sellers remain in control, and we look for further declines towards $59 and then $58.

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