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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. 

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Gold
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.

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. 

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