Technical analysis: key levels for gold and crude

Gold is still on the up despite a dollar revival, while oil is waiting to see what news emerges from the OPEC meeting.

Oil field
Source: Bloomberg

Gold keeps on pushing higher

The short-term uptrend is intact for gold, despite some indecision yesterday.

A break below $1293 would call the rising trendline into question, but unless it breaks the $1290 low, the uptrend is still extant. Above Friday’s high of $1299, the $1306-$1307 level comes into play.

WTI muted as OPEC meets

WTI has dropped back from its recent highs ahead of the Organization of the Petroleum Exporting Countries (OPEC) meeting.

So long as the price holds above $55.00, then the trend is intact. A turn higher targets Monday’s high at $59.00, and then on to the 2015 highs at $62.56. 

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