Technical analysis: key levels for gold and crude

OPEC news is already driving substantial volatility in oil prices today, while gold remains trapped below $1200.

Source: Bloomberg

Gold eyes $1250

The same story is being played out here this morning as has been the case all week — buyers need to break $1200 to confirm upward momentum.

If this fails then we look to support at $1180 and then $1170. Below this the $1110 level may well come into play.

Above $1200 the commodity targets $1220 and then $1250.

WTI could drop to $42.86

Both Brent and WTI will be trading on news today, with levels likely to take a back seat.

WTI has rallied back above $48, with support so far this week focused around $45.50. A rally here needs to clear $49.50 to maintain momentum.

If a deal is not signed then we could see a rapid drop back to $45.50 and potentially lower, down to $42.86.

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