Technical analysis: key levels for gold and crude

Gold has fallen back in early trading, while oil is trying to hold yet another support level.

Gold drops back but broader rally still going

The broader uptrend from the August lows remains intact, although the price of gold has faltered at $1230.

Oversold conditions on the hourly chart suggest we may start to see buyers emerge, with the price then targeting $1230 and then $1236. A move below $1220 would be viewed as bearish in the short term, and then rising support at $1205 comes into play.

WTI back to Wednesday lows

With the US out of the fray for Thanksgiving, it proved impossible for WTI to hold the bounce from Wednesday’s low, but support at $52.93 continues to hold.

If the price can clear $55.78 then more gains may come through, targeting $58 and providing more evidence that the market may have bounced. A move back below $52.93 would suggest fresh selling pressure, bringing $52, $49.20 and then $45.78 into view as possible support.

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