Technical analysis: key levels for gold and crude
The price of gold remains under pressure, with no sign of a sustained turnaround, while oil is moving sideways after its fall on Monday.
Gold still under pressure
The past two days have seen gold hold above $1285, with dips below this level finding buyers.
However, moves higher have run into resistance around $1290. Below $1285 the price heads towards $1277, and then on to the 100-day simple moving average (SMA) at $1266. A rebound above $1290 targets $1302, the 50-day SMA, and then on to $1310.
WTI stuck in a range
Monday’s sharp drop saw the price of WTI bounce from $55.70, but gains above $57.00 since then have proven impossible to sustain.
Since Monday the price has not been able to maintain any bearish momentum either, so we watch to see whether a drop back towards $55.20 develops, or whether another attempt to break $57.00 is in the offing.
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