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Technical analysis: key levels for gold and crude

Gold is still unable to break resistance, but oil has found some buyers close to recent lows.

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Gold held back by resistance

All attempts by gold to move above $1230 in the past week have come to naught.

Resistance levels in the event of a move higher lie at $1235 and then $1261. Dips to $1220 usually find buyers, while a further decline targets $1214 and $1205.

Gold price chart

WTI starting to bottom out?

If the price of WTI can move back above $70.30, then it is likely that the move higher will gain momentum.

A drop below last week’s low of $68.54 would suggest a dip towards the $67.00 area, the lows from the beginning of September.

WTI price chart

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