Technical analysis: key levels for gold and crude

Gold is headed towards key support, while oil remains in a firmly bullish trend.  

Gold returns to bottom of range

Gold is now back towards the bottom end of the range that has lasted all year, with the zone from $1308-$1314 continuing to act as support.

If this holds again then a move back towards $1340 and $1360 is possible. A close below $1308 is needed to suggest that the range has been broken.

WTI continues to drop

WTI has carried on dropping back from the $69.54 level, with $66.58 as the first line of possible support.

Below this, a deeper retracement to $62.56 is possible. A turn higher would head to $69.54 and then move on to $73.25. 

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