Technical analysis: key levels for gold and crude

Has the gold bounce run out of steam? Meanwhile, a stall in the crude ascendancy is unlikely to end its upwards path.

Oil pump
Source: Bloomberg

Gold could see $1111

After a move from $1110 towards $1190, it may be that the bounce has run out of steam. The price needs to close above $1180, which would open the way to a test of $1200 and then $1228.

A daily close below $1150 would suggest a new downward move is in play, heading towards $1129 and then $1111 for the commodity.

WTI fails to move beyond $55

Although the price rallied throughout last week, it has still failed to move on through $55, the area where gains stalled at the beginning and end of December.

Upside targets for WTI are to be found around $55.70, and then on to $57.23. Meanwhile, a close below $54 would head towards $52.65 and then $51.09.

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