Technical analysis: key levels for gold and crude

Gold has fought to hold support in recent sessions, but oil has suffered along with equity markets. 

Gold continues to hold vital support

Gold recovered on Friday to hold above $1326, with the week as a whole seeing a strong defence of this level.

However, sellers are returning this morning, increasing the likelihood of a retest of the $1326 and $1320 levels. Below this, $1314 and $1307 come into play. A rally will need to clear $1333, and then breach the $1350 level.

WTI under heavy pressure

WTI suffered a sharp reverse on Friday, with little sign of a rebound today.

The price has opened below the 50-day simple moving average (SMA) at $62.60, with the 100-day at $61.34 next in sight, and then down to $60.74. A rally back above $62.56 would suggest another attempt to break $66.58. 

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