Technical analysis: key levels for gold and crude

Gold may be at a turning point, while oil has found support after a swift move lower.

Gold bars
Source: Bloomberg

Gold knocked back but finds support

Having been knocked back from $1220 gold has found support at $1197, but an overnight move higher has hit resistance at $1208. A failure to hold here could see a test of $1197 and then $1186, while the bulls need to get the price back above $1220 to secure the ground for a move to $1226 and $1246.

Gold price chart

WTI looking for gains

There seems little desire on the part of WTI to push below $52, so if this holds we could be looking at a move back towards $52.69 and then $53.10 in the short term. A bigger move would head towards $54 and then $56, while a break of $52 would target $51.54 and then $50.

WTI price chart

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