Technical analysis: key levels for gold and crude

Gold and crude rallied off the lows last week, but both are failing to maintain that momentum this morning. 

Gold turns lower from previous recovery

Gold’s rally last week to $1340 was met by heavy selling, and despite a recovery off the lows on Friday, it looks like the commodity will turn lower once again.

Fresh resistance has developed around $1325, so a test of $1314 and then $1307 could be on the way, A close above $1330 might signal another attempt to break $1340.

WTI creates new lower high

Selling the rallies has been the approach here for three weeks now, since WTI faltered at $64.00.

A new lower high has been created, as the price rallied off Friday’s lows, but further declines will target $60.00, then $59.00, and then $58.00. A close above $62.30 would bring $63.00 and $64.00 into play. 

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