Technical analysis: key levels for gold and crude

Gold has clawed back some losses, but overall the bearish picture remains. Meanwhile, oil continues to track lower. 

Gold hits bottom end of recent range

Gold held the 200-day simple moving average (SMA), but has yet to really show that it has broken higher.

For that, a move above $1325 is needed. Below the 200-day SMA at $1305, the $1295 level comes into view. The current trading range that has held since mid-January may now make itself felt, prompting a surge of bullish momentum around $1308.

WTI stuck in downward channel

A small downward channel has formed over the last few days on the WTI four hourly chart, and the price bounced off the bottom end of the channel yesterday.

Further gains will target the top end around $68.50, forming a lower high. Major support in the short term is to be found around $66.58. 

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