Technical analysis: key levels for gold and crude

A stronger dollar has weighted on gold and oil, with the former’s rally from earlier in the week now under threat.

Gold continues to stumble

The nascent rebound is under threat for gold, as the price gives back most of the gains made since 23 April.

A move below the $1266 low would also see the price test rising trendline support from the August low. A close below $1265 would break below both horizontal and trendline support and opens the way to $1243. A rebound needs to clear $1285 to reignite the potential rally from the end of April.

WTI holds $63

Attempts at rallies this week have fizzled out for WTI, but the $62.50 zone continues to hold as support.

A close below $62.30 is needed to suggest more downside is at hand. For now we may see buyers defend $63.00 with a view to propelling the price back towards $65.00 and then on to $66.50.

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