Technical analysis: key levels for gold and crude

Both gold and oil are under pressure again, although key support continues to hold for both. 

Gold rally meets sellers

Gold bulls have furiously defended the $1314 level so far this week, but a rally this morning has run into sellers and then downtrend line from the February high.

Further declines will see the $1314 and $1308 levels tested, while a rally above $1330 will push above the declining trend line and bring the $1340 area into play.

WTI finds buyers

Rallies for WTI have been sold into throughout March, although moves to $60.00 have found buyers for the time being.

If this level breaks then $59.00 and $58.07 come into view. A move above $62.00 would help break the current downtrend, and see the price head back to $63.00 and $64.00. 

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