Technical analysis: key levels for gold and crude

Gold is attempting another move to $1200, but oil is still unable to move higher.

Gold sees some signs of life

Gold’s recovery above $1195 is possible good news for the bulls, since it creates a higher low from the $1160 nadir in mid-August.

From here, $1205 and then $1214 come into play as resistance, followed by the 50-day simple moving average (SMA) at $1218. A close below $1180 is needed to reignite the move lower.

WTI hovers above trendline

WTI continues to move lower, although it remains above the trendline resistance it broke through at the end of August.

If this now holds as support then a bounce towards $70.00 is possible, but a close above $71.00 is needed to firmly break the zone of resistance around $70.50 that has held since mid-July. Below $68.00, the $64.00 level comes into play.

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