Technical analysis: key levels for gold and crude

Gold is moving lower once again, while oil has also slipped below a key support level.

Gold still heading lower

The plunge in gold goes on, as the price drops below $1195 and heads towards $1180 as the next significant area of support.

Rebounds have been short-lived, and the bearish view persists unless we see a move back above $1214.

WTI loses $66.00

The bears have taken control of WTI, pushing the price back below $66.00 and suggesting a deeper retracement towards Monday’s lows at $65.21.

From here, the $64.00 and $62.56 levels come into play as possible support. A rally above $68.00 is needed to negate the sequence of falling highs that have been in place since the end of June.

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