Technical analysis: key levels for gold and crude

Gold has continued its stronger run from the end of the week, although the picture still looks bearish, while oil is holding support for the time being.

Bearish rebound still intact

Gold’s rebound from last Thursday’s low continues, although it remains a possible selling opportunity if the price drops back below $1180.

A broader rally will challenge $1195, $1205 and then $1214. Even a move to $1240 would still be only a bearish rebound. The initial target for any renewed move lower is $1160, and then on down to $1126.

WTI builds on support

WTI’s support zone around $64.00 held last week, as it did back in May and June.

The first target is Friday’s high at $65.80, and from here trendline resistance at $67.00. Above this the trendline resistance from the July high comes into play around $69.00. 

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