Technical analysis: Key levels for gold and crude

Gold has moved higher again, while oil’s hold on $45 is looking shaky.

Gold Source: Bloomberg

Gold testing $1260

Gold continues to move higher as stocks fall. A firm close above $1260 continues to elude the commodity, but this seems more of a matter of time than anything else.

However, with the price now so extended and a yawning gap between it and the 50-day simple moving average (SMA) of $1230, some weakness over the coming weeks would not be surprising.

Gold chart

Gold chart

WTI back on a downward path

The price of WTI turned lower last week and is testing the $45.00 area again today.

Further declines will start to bring $42.00 into play. A rebound could target $49.20, previous key support.

WTI chart

WTI chart


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