Technical analysis: key levels for gold and crude
Gold has maintained its upward move, but oil’s recent weakness suggests that a deeper pullback may be at hand.
Gold trekking higher
The gold price has continued to push higher of late, hitting a new higher high yesterday in its uptrend from the March lows.
A retracement towards $1300 would likely provide a fresh buying opportunity. Above $1325 the price heads towards $1346.
WTI risks creating a lower high
A recovery off the lows yesterday helped sustain the uptrend and create a higher low, but the WTI price now has to push on to $60.50 and higher to create a higher high.
Above this $62.56 comes into view. Further declines below the key $58.40 area would then bring $57.50 into view as possible support, and then down to $55.15.
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