Technical analysis: key levels for gold and crude

Gold looks to have found a short-term bottom, while oil has leapt higher following the OPEC meeting. 

Gold bounces from support

It looks like gold may have found a near-term bottom at $1264, bouncing firmly from this level.

Near-term areas to watch are $1286 and then $1295. A close below $1264 would mean that the next major support comes in at $1236.

WTI consolidates after Friday’s surge

The Organisation of the Petroleum Exporting Countries (OPEC) duly delivered an increase in output at its meeting, but only in line with expectations, thus giving WTI bulls the chance to push the price higher.

A move towards $72.88 and then the high from late May is the next development to watch. A close below $66.50 would mark the start of another move towards $64. 

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