Technical analysis: key levels for gold and crude

Commodity prices are firming up once again, as oil seeks to move off the base built over the past week.

Gold’s rally intact

Buyers continued to defend gold's $1240 area yesterday and, so far this morning, early losses are being reversed.

The next targets above $1250 are the 200-day simple moving average (SMA) at $1255 and then $1260. Below $1240, the price will head back towards support around $1236, but it will take a move below $1230 to reverse the broadly optimistic outlook.

WTI starts to build upward momentum

WTI's move higher, yesterday, put the bulls back in charge, with clear signs over the past week that buyers are prepared to step in when dips appear.

The real move higher requires a break above $54.50, but that appears to be just a matter of time.

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