Technical analysis: key levels for gold and crude

Gold remains under pressure, while oil is unable to move above a key trendline. 

Gold bars
Source: Bloomberg

Gold pushes lower

Gold continues to hold above the 50-day simple moving average (SMA), but the sequence of lower highs and lower lows persists in intraday time frames.

From the current level, $1274, then $1267 and $1264 come into play. It will need a daily close back above $1300 to suggest a turn higher has begun.

WTI still stuck below trendline

There still seems to be an inability to move above the downtrend line from the February highs for WTI.

A push below $50 would signal that a more substantial pullback has begun, that would target $49.40 and then $47.40. A daily close above $51 is needed to change the outlook here. 

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