Technical analysis: key levels for gold and crude
Gold has broken out of a descending triangle, while oil has moved to fresh highs for 2019.
Gold breaks out from trendline resistance
In the short term, gold seems to have formed a base around $1285, and has now broken the near-term trendline resistance from the 29 March high at $1300.
The immediate targets are $1297 and then $1300, followed on by $1312. A close below $1285 negates this more bullish view, although $1277 support is nearby.
WTI registers new high for 2019
The WTI price has marched higher in resolute fashion over the past few days, reaching a new high for the year.
If it closes above $62.56, it will have reclaimed another key level, opening the way to $64.00, a key zone of support in the June-August period in 2018. Areas of potential near-term support are $61.70 and then $60.60.
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