Technical analysis: key levels for gold and crude
Gold is failing to break trendline resistance, but oil prices continue to hold up after finding a low last week.
Gold struggling to rally
Despite the risk-off atmosphere of late, gold has failed to respond in a meaningfully bullish fashion.
Rallies towards $1290 have proven to be selling opportunities, although since last Monday higher lows have been seen. If the price can avoid slipping below $1282 then $1290 becomes a target, but the price still needs to clear trendline resistance from the February high, around $1291.
WTI moves into trading range
WTI has gone from being in a pullback to a narrow trading range between $61.00 and $62.50.
A dip down to $60.00 last week found buyers, but gains above $62.50 have proven impossible to sustain. However, a push above $63.00 might indicate that the price is moving higher once again, but traders will want to see higher lows and higher highs emerging in due course.
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