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Technical analysis: key levels for gold and crude

Gold’s steep drop yesterday threatens to nullify the recent rally, while oil is continuing to edge lower for the time being. 

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Gold looks to recover from swift drop

Another drop for gold saw it fall to $1270, the lows of mid-November. These are holding for now, and dip buyers are stepping in so far this morning.

Upside targets come in at $1284, and then $1295. While below $1270, the $1264 area comes into play once more. 

Gold chart

WTI presses lower after recent high

WTI has dutifully followed a downward trendline since the peak at $59.00 earlier in the week, so we need to see a move above $58.00 to break this trendline resistance.

Over the past few days, support has been found at around $57.00, so if this goes we look to $55.67, and then $55.00. 

WTI chart

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