Technical analysis: key levels for gold and crude

Gold is still surging, reaching new six-month highs but oil is still unable to break higher.

Gold’s rally going parabolic

Gold continues to race higher and, with the current strong momentum, dips remain buying opportunities as we saw last week when the price dropped towards $1265.

From the current levels, $1285 and then $1294 come into view. A short-term bearish view would require a close below $1265 to open the way to $1255 and $1240.

WTI eyes another run at $67

The WTI price has rallied over the past week, but needs a daily close above $47.00 to suggest further near-term upside.

However, we have seen buyers emerge at $44.50 over the past week, so this suggests momentum lies with the bulls for now. Above $47.00, the price heads towards $49.20 and then $52.00.

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