Technical analysis: key levels for gold and crude

Thinner volumes have resulted in a weak session so far for major commodities.

Gold bars
Source: Bloomberg

Gold dropping lower
A drift lower here has seen the price return to the key $1067 support area, with a drop through here heading towards $1064, the support area from 17/18 November. A move higher would target the $1070 pivot level, and then challenge resistance around $1074 and then $1080.

Source: Bloomberg

Brent on a knife-edge
For now the $45 level remains the key area to watch on the downside. It has acted as support over the past three days, with a bounce back towards $46.50, the highs of the week, still possible. Further support is likely around $43.60. 

US light looks set to break lower
So far for US light crude the $43.50 area remains problematic for any rallies this week, with possible support around $42.15 and then $41.70. A break lower targets $41 and then $40.50. 

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