Technical analysis: key levels for gold and crude

The new week begins with gold and oil on the front foot, either returning to or breaking the highs of the previous few weeks.

Gold returns to January peak

The gold price has moved back to the $1326 highs seen three weeks ago.

From here the price will break into the $1326-$1365 range from the first few months of 2018. Intraday pullbacks towards $1316 are likely to find support.

Gold chart

Gold chart

WTI breaks above $55

As it is with equities, so it is with oil. The pullback towards $52.00 found support, and the WTI price has now leaped higher, breaking above the late January highs around $55.00.

The next target is $58.20, with the 100-day simple moving average (SMA) at $57.22 another area of possible resistance. Intraday, rising trendline support from the 11 February low might suggest dips towards $54.80 might provide a buying opportunity.

WTI chart

WTI chart


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