Technical analysis: key levels for gold and crude
Gold’s rally goes on, while oil is heading back towards the 2016 uptrend line.
Gold rally continues, but for how long?
Gold’s rally has carried it through $1275, and now the next target is the $1299 level, the 50-day simple moving average (SMA).
However, it is still hard to escape the impression the price is headed lower over the longer-term, so unless it holds above $1315 the most likely end of this bounce will be a selling opportunity, with a target at $1250 and then $1200.
WTI hits a monthly low
OPEC’s unravelling deal has seen oil hit its lowest level in a month. With the uptrend from the January/February lows intact, bulls are presented with an opportunity to buy oil with a very attractive risk-reward outlook.
A bounce from the 200-day SMA ($45.82) could set WTI up for a challenge of $50 and then $52, with a stop at the September lows of $43.30.