Technical analysis: key levels for gold and crude

Gold is still stuck below resistance while oil’s fall shows no sign of abating.

Gold tries to break resistance again

The rally of gold from the lows of mid-November is intact, but it has continued to find resistance around $1230.

A break above here targets $1236 and then on to $1241. Over the past week dips to $1220 have found support, so a close below this is needed to create a more bearish view.

WTI edges higher after more pummeling

Friday saw more declines for WTI as the price hit a fresh low for the year. Rallies continue to be sold here, so any bounce back towards $56 would be another selling opportunity.

There is much work to be done before a bottom is in, and so far there is no sign that the broader trend down has changed. Above $56 the price would head towards $58.

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