Technical analysis: key levels for gold and crude

The attritional warfare in gold continues, as the price remains stuck in a range, but oil is once again moving higher.

Gold
Source: Bloomberg

Gold bulls hold $1264

Dips for gold towards $1264 continue to bring out the buyers, but rallies keep running out of steam below $1285.

Until this is broken, ideally with a close above $1290, the range-bound trade is likely to persist.  A close below $1264 would open the way to $1246. 

WTI pushes higher again

The advantage for WTI lies firmly with the bulls, as the price surges once more.

One note of caution is the current wide gap between the price and the 50-period simple moving average (SMA) on the four-hour chart. We may see this reverse, but any dip that holds above $53 remains a buying opportunity.

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