Technical analysis: key levels for gold and crude

US dollar weakness has proved a boon for commodities, which have steadily rallied this morning.

Gold figure
Source: Bloomberg

Gold challenging the 50-day SMA

The rally goes on for gold, helped by a weaker US dollar. Having pushed through $1246, the price is now challenging the 50-day simple moving average (SMA) at $1249.60. A move above here would target $1264 and the trendline off the July 2016 high.

It needs a move back below the 200-day SMA at $1229 to reverse the bullish outlook.

WTI has found support at $46,79

WTI steady rally goes on, and while the price has found support at the 50-day SMA at $46.79, yesterday’s attempt to push above the late June high of $47.41 failed.

A close above here would open the way to $49 and higher, and it will require a close back below $45 to make us particularly bearish on the outlook.

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