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Technical analysis: key levels for gold and crude

Both gold and oil are looking to continue their strong rallies.

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Gold drops back but finds support

While the price for gold dropped back from its highs overnight, it has since found support at $1314.

A further push higher continues to target $1326, then $1337 and $1358. The near-parabolic move has yet to see a meaningful retracement but, below $1314, the first areas of possible support are $1307, and then $1295.

Gold price chart

WTI keeps on moving higher

The uptrend remains in place for WTI, but bulls may wish to wait for a deeper retracement intraday to offer a more attractive risk-reward outlook.

The level to watch on the upside is still $60.74, while $59.00, and then $55.67, could be areas where buying pressure will emerge.

Oil price chart

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