Technical analysis: key levels for gold and crude

Gold’s rally on Friday failed to restore the uptrend, while oil prices are once again falling back below key resistance.

Gold bars
Source: Bloomberg

Gold price drops after falter in rally

The rally here stumbled last week, with the price falling back from the first weekly resistance pivot at $1245. Friday saw a rally fizzle out at $1235, creating a new lower high. Now the bears need to see Friday’s low around $1220 broken and a new low created.

If this does transpire, we look to $1208 and then $1196. Buyers need to retake $1235 and then move on to challenge resistance at $1245. 

WTI fails to hold above $54 again

Yet again a push above $54 has run out of steam, so a move towards the 200-hour simple moving average at $53.53 could be seen today. If this fails to hold as support then it looks like we will see a fresh move back to $52.

Sellers have done a good job holding back gains above $54, with a breakout above $54.60 needed to really unlock further upside. 

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