Technical analysis: key levels for gold and crude

Gold is on the way lower, but oil shows no sign of stopping.

Oil rig
Source: Bloomberg

Gold takes a turn lower

The price for gold finally looks to have broken the trading range, pushing down to support around $1180. A close below this opens the way to $1160.

It looks like the downtrend has resumed, with the repeated failure to break $1214 a signal that the sellers were regaining control.

WTI pushes higher

The uptrend from the August lows remains intact for WTI, although rallies above $72.40 have proved fleeting this week.

A retracement towards $70.00 would find support at the August rising trendline. Upside targets lie at $73.00 and $74.00.

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