Technical analysis: key levels for gold and crude

Gold has been unable to move above $1200, while the sellers have been hitting oil hard.

Gold struggling to touch $1200

A close above $1200 still eludes gold, with another attempt yesterday bringing out the sellers.

A move below $1195 would mark a bearish development for the move higher of the past three days, while further drops would test $1190 and the higher low seen as part of the move higher from the August low. A close above $1214 is needed to provide a breakout for the commodity.

WTI thrown back below trendline

Declines in WTI continue, and with the price below the downtrend line from the July high, further bearish momentum may develop.

A move above $68 could restore the bullish outlook, targeting $70, the zone of resistance that has held back progress since the end of July.

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