Technical analysis: key levels for gold and crude

Both gold and oil have found the strength to bounce, helped by USD weakness.

Gold buyers reassert control

Bulls will be hoping that yesterday marks a turning point for gold after the pullback of the past week. The price has fought hard over the past few days to hold $1326, and if it can continue this then the way higher opens up.

Near-term targets can be found at $1338, $1346 and then $1358. A daily close below $1326 would be a worrying sign, although the $1320 area could also provide some support.

WTI finds upside strength again

The buyers came in yesterday for WTI, defending $60.74. Further gains above $63.00 will target $64.82 and then $66.58.

Overall, it looks like the rally is back, and it would take a move below the February low around $58.00 to negate the bullish outlook.

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