Technical analysis: key levels for gold and crude

Gold has suffered a pullback but looks to be recovering, while oil is on the up once more.

Oil barrels
Source: Bloomberg

Gold retraces after break higher

The push higher for gold in recent days has seen a modest pullback, down to the $1286 area, but this is unlikely to last. A move below $1285 would suggest that the rally is weakening.

There is a test of $1276 support possible, but further bullish momentum should see the commodity challenge yesterday’s high at $1294, and then move higher. 

WTI sticks to its uptrend

It’s hard to keep track of WTI at the moment, with a series of volatile days. Overall, the bulls may now have the upper hand once more, with $51.36 and then $52.00 and $53.00 the next levels to watch.

It needs a close below $50.00 to put a more bearish spin on things. Ultimately, the sequence of higher highs and higher lows from the June low remains intact. 

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