Technical analysis: key levels for gold and crude

Oil’s slump could be at an end for now, as it fights hard to hold $46. 

Oil storage
Source: Bloomberg

Gold still retreating

Gold’s retreat goes on, returning to test key support at $1264. A break below here could see a push to the $1240 area, and would likely run into the 200-day simple moving average (SMA) at $1239.30 as well.

A bounce from $1264 would need to push back above $1295 to maintain the uptrend, A daily close below $1220 is needed to create a new lower low.

WTI battling to hold $46

It may be that WTI’s slump has run its course for now. If the price can hold $46, then a bounce back to $48 could be in the offing, but a close above $48.50 is needed to reverse the sequence of lower highs and lower lows.

A drop below $45.50 could open the way to $44 and then $42.80.

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