Technical analysis: key levels for gold and crude

Gold may finally have broken out of the range that has held for the past few months.

Gold breaks below SMA

Gold fell sharply yesterday, finally breaking below the 200-day simple moving average (SMA) at $1307.

Further declines would suggest a move to $1264, while any rebound that fails to move back above $1307 is a selling opportunity.

WTI still climbing

The uptrend continues here, with WTI still buoyed by bullish momentum.

Dips continue to find buyers, so a close below $69.54 is needed to provide a short-term bearish move. 

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