Technical analysis: key levels for gold and crude
Oil prices are back to the lows of the year, while gold is still very much in demand.
Gold back on top as risk aversion builds
Now above the 200-day simple moving average (SMA) for the first time since mid-May, gold’s recovery has been impressive.
The post-Federal Reserve (Fed) dip proved to be too good to miss for the gold bulls, and while the overnight drop may have further to go, anything that holds above $1240 remains a buying opportunity. Further gains target $1282 and $1285.
WTI tumbles again
It has been another brutal week for oil bulls, and the price of WTI has barely recovered from its lows seen yesterday.
Below $45.78, the $43.89 and then $42.07 levels come into view. Rallies should find further selling pressure, with $47.00 and then $48.14 the levels to watch.
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