Technical analysis: key levels for gold and crude

Gold has bounced from the lows but it needs to carry on to avoid a bearish trend developing, while oil is back to $52 after a week that saw it try to rally.

Gold surges from the lows

The gold price rallied off the lows yesterday, but overnight it has slipped lower, faltering at $1310. Further declines target $1302, and then down to $1285.

A recovery above $1315 would open the way to the $1326 high from the end of January.

Gold price chart

Gold price chart

WTI fights to hold $52

The WTI price bounced off support at $52.03, but an attempted rebound last night faltered at $52.93. Further gains above this level target $54.50, and then on to $56.00.

A daily close below $52.00 would bring the prospect of a retest of $49.20.

WTI chart

WTI chart

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