Technical analysis: key levels for gold and crude
Gold is back below trendline resistance, while oil prices are finally breaking higher from their week-long consolidation.
Gold drops as risk appetite recovers
As equities have rallied, gold has been knocked back, falling sharply towards $1285 and crucially putting itself back below trendline resistance from the February high.
A slight recovery overnight is already faltering, and below $1285 the price heads towards $1280 and $1277. A recovery above $1290 would help to restore a more bullish outlook.
WTI reclaims $63
On 6 and 13 May, rallies towards $63.00 for WTI failed to hold their ground, but over the past two sessions we have seen the price move and hold above this level.
Further gains target $64.50, while a bullish crossover on the daily moving average convergence divergence (MACD) reinforces the expectation of higher prices.
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