Technical analysis: key levels for gold and crude

Oil bulls have been given a chance to join the fun as the price drops back following the breakout this week. Meanwhile, gold is trying hard to rally.

Oil platform
Source: Bloomberg

Gold tries to bounce

Having been sold heavily over the past few days, gold is looking to climb higher. However, this retracement will be another selling opportunity if it fails to break above $1310.

For now the bears remain in charge and should wait for a rally to add to positions. A move above $1310 would target $1335. Meanwhile, if the bounce falters now and moves below $1278, then $1264 and $1246 come into play as potential downside targets.

WTI dips after breakout

A sharp pullback will have caught some by surprise, but those looking to get on board following WTI's breakout earlier this week will view this move as a buying opportunity.

Indeed, any dip that holds above $51.00 should be viewed as such, with a bounce targeting the $53.00 once more. Above here $54.05 and $55.00 come into play. 

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