Technical analysis: key levels for gold and crude

It has been a good morning for oil bulls so far, as hopes of OPEC action buoy crude, while gold continues its move higher.

Gold keeps on moving higher

The steady push higher continues, and the recovery over the past few days puts the gold price back on course to challenge the $1236 area of resistance.

A move above $1240 would open the way to $1260. Dips towards $1215, or even the $1205 level on the four-hour chart, would still be buying opportunities.

WTI finds some buyers

WTI has surged in common with most risk assets today, pushing above the recent lower highs at $53.10.

Given the size of the retreat, we are not short of resistance levels to watch, with $55.10 and $58.00 being the first areas to watch. A dip back towards $51.50 would be a possible buying opportunity, and a bounce from there would create a higher low. Further declines take the price back to the lows of last week at $49.20.

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