Technical analysis: key levels for gold and crude

Gold has lifted itself off the lows, but the bullish strength looks temporary. Meanwhile, oil is happily moving higher. 

Gold enjoys short-term recovery

Gold has bounced off overnight lows, but given the price action of late it looks like further declines are likely.

The price will find resistance at $1261 and then at $1270. A further drop will target rising trendline support from the December 2016 lows, around $1246.

WTI shows no sign of stopping

WTI continues to rally, with yesterday’s dip to $67.64 finding buyers.

Further pullbacks may find buyers, with $72.88 as a near-term target. A move below $66.60 is needed to provide a more bearish view. 

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