Technical analysis: key levels for gold and crude
Gold has shot higher once more, but oil prices are still flagging, unable to break above the recent run of lower intraday highs.
Gold goes parabolic again
The breakout continues, as the gold price leaps higher for yet another day. The $1326 and then $1356 highs from the first months of 2018 are the longer-term targets.
The close above $1309 means this is now a possible support, and further declines target $1289 and $1282. A bearish wedge on the hourly chart suggests that an intraday retracement could be swift, but it would provide another buying opportunity.
WTI tries to challenge lower highs
WTI's sustained attempts at a rally have proven fleeting, with yesterday’s rally to $54.00 being knocked back.
We have seen lower highs since 21 January, as a descending triangle forms, a bearish formation that suggests a resumption of the downtrend if support in the $51.40 to $52.00 zone is broken. A close above $54.00 is needed to break out of this pattern.
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