Technical analysis: key levels for gold and crude

Gold has retained its gains from earlier in the week, while oil remains under pressure. 

Gold holds on to its bounce

With gold having bounced from $1236, the price maintained its gains yesterday, and so far dips back towards $1250 have also found buyers.

A move above $1261 would open the way to $1270, $1276 and then $1285. A move below $1250 would indicate another test of the post-December 2015 rising trendline, and then $1236 would come into play once again.

WTI edges lower

The price for WTI has dropped back from recent highs, and has begun to post lower lows over the past week on an intraday basis.

A drop below $71.30 would indicate that a further retracement is in play, moving back towards $68.00, but only a move below $64.00 really damages the longer-term bullish view here.

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