Technical analysis: key levels for gold and crude

Gold is attempting to recover the losses from Friday, while oil’s rally remains in pause mode.

Oil
Source: Bloomberg

Gold recovers after Friday losses

The Friday pullback hit the gold rally hard, but so far buyers have returned to push the price back towards $1280. This looks to be a buying opportunity, with a first target of $1290, and then on to $1295 and $1307.

A close below $1270 would suggest a fresh test of support at $1264.

Gold chart

WTI drifts sideways towards support

Support at $56.58 looks to be the next destination for WTI, as the uptrend moves into more of a short-term consolidation phase. It would need a move below $54 to reverse the bullish outlook.

Meanwhile, a move above $58.07 would clear another hurdle in the likely longer-term move to $62.56. 

WTI chart

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