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Technical analysis: key levels for gold and crude

Gold is looking to recover from its pullback, and oil is aiming to push on from its recent highs. 

All trading involves risk. Losses can exceed deposits.
Source: Bloomberg

Gold could attempt another bounce

Gold dip buyers got their fingers burnt yesterday, as the bounce from $1323 fizzled out at $1335. But it looks like another attempt could be in the offing, with buyers defending the $1320 level. A move higher from here targets $1335/$1337, then on back to $1358.

A move below $1320 raises the prospect of a drop back towards the post-July rising trendline around $1310.

Gold chart

WTI pushing decisively ahead

Having rallied off $47.50 earlier in the week, WTI is now looking to drive decisively above $49.50, then target $50.50 and potentially higher. Above $50.50 the next big level would be $52.

A move below $47.50 is needed to put a more bearish spin on things. 

WTI chart

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