Technical analysis: key levels for gold and crude

A meeting of OPEC+ members has helped oil to steady this morning, but a stronger dollar continues to hit gold.

Gold back to long-term support

Last week’s rally fizzled out very quickly, but the price of gold has managed to hold the post-August rising support line.

A move below $1275 risks a break of this line and a more bearish view, although some support is possible around the recent lows at $1268. A rally back above $1288 would create a new intraday higher high, and then target $1300.

Gold chart Source: ProRealTime

Gold chart Source: ProRealTime

WTI lifted on OPEC news

The previous week saw WTI manage to push through the $63.00 level that held back progress in early May.

Further gains target $64.80, and then on $66.40. Weakness on Friday saw the price dip to $62.70, creating a higher low, while further drops below this will target $60.50.

WTI chart Source: ProRealTime

WTI chart Source: ProRealTime


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