Technical analysis: key levels for gold and crude

Both gold and oil continue to be under pressure, but there is hope that a rebound is at hand.

Gold fights to hold support

Yesterday saw a dip to $1307 for gold, but the buyers came in to defend it.

While losses continue today, it may be that $1313 will hold, and then this may prompt a wider move higher. Momentum is oversold once again, so dip buyers may want to keep gold on their radar, given the broader uptrend over the past year.

WTI dips below 50-day moving average

The price lost the 50-day simple moving average (SMA) of $61.22 yesterday for the first time since August, with WTI dropping below $60.74 support as well.

Below this, the $59.00 level comes into play. A recovery above $60.74 would be a good first step, and then on to $62.56.

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