Technical analysis: key levels for gold and crude

Gold is once again aiming to break $1241, while OPEC’s lack of action has not deterred oil bulls.

Gold bars
Source: Bloomberg

Gold tries to rally again

Gold's rally above $1241 was sharply rebuffed but, once again, the buyers came in above $1235. A daily close above $1241 would mark a bullish development.

Meanwhile, the $1235 level continues to act as support, so any deeper retracement requires a move below here. The overall bullish impression persists, so even a dip towards $1210 would still be a higher low within the context of the move higher from the August lows.

WTI holds the lows

A volatile week for WTI has nonetheless remained positive, if only just. A dip towards $50.00 brought out the buyers and, so far this morning, a fresh push higher is underway.

The overall bullish view remains so long as the lows of November, below $50.00, remain intact with upside targets at $53.00 and then $54.50.

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