Technical analysis: key levels for gold and crude

Gold is looking to post further gains above $1200, while oil’s breakout continues.

Gold price looking for bullish move

The price for gold continues to hold above $1200, so if this remains the case more upward pressure may begin to be seen.

A breakout above $1214 would mark a fresh bullish development, targeting the $1236 area, and the downtrend line from the April highs. A close below $1200 would be a worrying sign, and would bring support at $1180 and then $1160 into view.

WTI with bullish momentum

With WTI having broken through the downtrend line from the July highs, the price has restored the bullish outlook here.

A retracement towards the previous resistance line might find buyers, suggesting a dip to $68.40, and a move above $70.00 opens the way to $73.00 and $74.00. A move back below $68.00 would mark a bearish development, bringing the $64.00 support zone back into play.

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