Technical analysis: key levels for gold and crude

Gold has recovered from $1250, and now looks to be challenging previous key resistance, while there seems nothing that can stop the WTI drive to $53. 

Gold
Source: Bloomberg

Gold in consolidation

Gold has finally seen another dip, similar to that witnessed at the end of last week, but once again the area around $1250 continues to hold.

A rebound from here targets $1264 and higher, while bears need a move below the 200-day simple moving average (SMA) at $1243 to shift this market from consolidation to sell-off.

Gold price chart

WTI on the way to $53

A dip yesterday was met by buying, and with the WTI price now knocking on the door of $51.99 we could see another rally to the downtrend line off the February highs, which would imply a move to $53.

A reversal below $50 is still needed to cancel out the bullish outlook here. 

WTI price chart

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