Technical analysis: key levels for gold and crude
WTI is heading back towards recent highs, but gold’s rally is looking weaker already.
Bullish momentum in gold weakening
Gold surged off lows of last week then dropped back towards $1290, creating a higher low, but upward momentum overnight has waned to a degree, creating a lower high for now at $1297.
If the price can break out of the current triangle formation it will target $1300 in the near term. A move below $1293 would suggest a test of $1290.
WTI looks to challenge $58
WTI continues to trade between $55.00 and $58.00, with current gains targeting the $58.00 zone.
Above $58.00, $59.41 comes into view, followed by $62.56. Any weakness targets $55.00 once more.
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