Technical analysis: key levels for gold and crude

Commodities are broadly higher thanks to a weaker dollar, with oil looking to head back to recent highs.

Gold benefits from weaker dollar

Gold's recovery from last week’s lows continues, with the price now needing to break $1264 to maintain upward progress.

However, Friday’s rally in that direction was hit by selling, so it could be a difficult one for the bulls. If the rally falters again it is likely that we will see a return to $1246 and then $1240.

WTI pushes on towards $59.00

WTI's price has turned higher and looks to be heading back towards the $59.00 resistance area.

Last week saw a dip to $56.00 that was met by buying, so the $55.67-$59.00 trading range remains in effect.

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