Technical analysis: key levels for gold and crude
A meeting of OPEC+ members has helped oil to steady this morning, but a stronger dollar continues to hit gold.
Gold back to long-term support
Last week’s rally fizzled out very quickly, but the price of gold has managed to hold the post-August rising support line.
A move below $1275 risks a break of this line and a more bearish view, although some support is possible around the recent lows at $1268. A rally back above $1288 would create a new intraday higher high, and then target $1300.
WTI lifted on OPEC news
The previous week saw WTI manage to push through the $63.00 level that held back progress in early May.
Further gains target $64.80, and then on $66.40. Weakness on Friday saw the price dip to $62.70, creating a higher low, while further drops below this will target $60.50.
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