Technical analysis: key levels for gold and crude

Gold shows no sign of slowing in its ascent, while oil prices are weaker after yesterday’s rally.

Gold still on the up after six-month high

Yet more gains have seen gold continue its uptrend, having touched its highest level in over six months yesterday.

Yesterday’s peak at $1279, followed by $1285 and $1294 are the next areas to watch. Early weakness has been swiftly seized upon as a buying opportunity, suggesting we see further upside from here. The bullish view persists in the near term unless the price closes below $1265.

Gold chart

Gold chart

WTI holds the lows for now

WTI is displaying some similar price action to equities, giving back some gains as those looking to maintain the downward move hop on this potential selling opportunity.

We need to see a higher low being created intraday to suggest that this bounce has legs, so for now bulls might want to be patient. If the price can hold the lows below $43.00, and create a higher low intraday, then we have the possibility of a more sustainable bounce in the short term. Near-term resistance lies around the $47.00 level seen overnight, and then on to $49.20.

WTI chart

WTI chart


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