Technical analysis: key levels for gold and crude
Gold and oil are looking more bullish this morning, despite recent weakness.
Gold rebounds after weakness
Having defied fears of a deeper turn lower, gold has rallied back to the $1297 area. If it can post a daily close above this zone, then the uptrend is firmly back in effect, with $1309 being the next level to watch.
Failure to push higher brings $1285 and then $1276 into focus as possible support, but even then a firm bearish view would require a move below $1276.
WTI still moving higher
WTI’s steady rally continues, with the overnight drift lower yet to put a meaningful dent even in the spike higher seen yesterday.
The 50-hour simple moving average (SMA) at $50.89 may provide support, as it did earlier in the week, while a deeper drop brings the $50.00 level and then the 100-hour SMA at $49.76 into view.
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