Technical analysis: key levels for gold and crude

Gold has fallen back from the multi-month high seen last week, but oil is aiming to build on Friday’s bounce.

Gold edges back from new high

The price of gold has rallied to its highest level since April 2018 on Thursday, before dropping back toward $1310 support.

If this holds, then a retest of highs around $1326 is possible, and the strength of the uptrend would suggest that we see further gains. Levels below $1310, $1300 and then $12877-$1285 come in as possible support.

Gold chart

Gold chart

WTI clears recent resistance

WTI staged a late bounce on Friday, thanks to a drop in US oil rigs, and it has started the week with small gains.

The push above $54.50, the highs from early December, reinforce the idea that the uptrend has gathered new momentum, with $58.15 and $59.41 the next levels to watch. Dips have been bought over the past week, and the bullish thesis remains in place unless we see a drop below $50.85.

WTI cgart

WTI cgart


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