Technical analysis: key levels for gold and crude

Gold’s strong end to 2018 has continued into the new year, but oil is still struggling.

Written by: Chris Beauchamp | Chief Market Analyst, London

Publication date: 2019-01-02T09:42:53+0000

Gold still on a tear

Even small dips continue to find buyers here and, while those looking to buy on weakness are latecomers to the rally, gold's moves back towards the 50-day simple moving average (SMA) of $1280 may find further buying pressure.

The bullish view remains intact in the daily timeframe unless the price moves back below $1275.

WTI fights to hold support

Last week saw the WTI price stuck below $47.00, stymying an attempt at a rally.

However, there is one small crumb of comfort, namely: the price appears to be holding an area of support around $44.60. If this continues to hold, then a rally back towards $47.00 may develop, but any further upside requires a daily close above this level.

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