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Technical analysis: key levels for gold and crude

Gold looks to maintain its upward progress, while oil remains in a tight trading range. 

Source: Bloomberg

Gold retains push from early this month

Gold broke above $1284 overnight, although a pullback has seen it fall back below. However, the steady push higher from the 6 November lows remains intact, and would remain so unless the price drops back below $1270.

Above $1284, the $1290 level is in sight, followed by $1295 and then $1307. 

WTI establishes range

WTI's Wednesday’s bounce from $56.58, and then the drop back from $58.07 has established the current range.

We wait to see whether the price will break to new highs for the year, or whether a bigger dip is on the cards.

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