Technical analysis: key levels for gold and crude

Gold has recovered from losses yesterday, but oil is back to fresh lows for the year.

Gold still on the up

The price of gold continues its move higher, with the drop yesterday merely providing another entry point for longs. The $1225 area may provide some resistance, but above this the $1236 area comes into play. A move back below $1214 would target $1204 and $1195.

However, the steady rising trend seen since the August low would suggest that pullbacks towards $1200 remain buying opportunities.

WTI hit hard again

Once again another rally has been smashed, with the price of WTI dropping to fresh lows for the year.

The price has managed to bounce off the $52.93 area, but the sellers remain in charge until we see a move back above $58.20.

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