Technical analysis: key levels for gold and crude

Gold has staged its own breakout, while oil is in full bullish mode. 

Gold breaks trendline

Gold has managed to break the descending trendline from the February high, and is now consolidating.

A move back below $1326 would be potentially bearish, although sellers would need a loss of $1320 to really indicate the downtrend has returned. Above $1337, the price targets $1346 and then $1358.

WTI heads towards January highs

WTI’s breakout over the past few days has been remarkable.

It has smashed through several resistance levels, and is now eyeing the highs from January at $66.58. A small pullback this morning should find fresh buyers.

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