Technical analysis: key levels for gold and crude

Gold’s rally yesterday has faltered, but for now it is holding support. Oil prices remain under a degree of pressure for the time being.

Gold fights to hold $1282

The sellers came in yesterday when the price rallied to $1290 for gold, but were unable to push the price through $1282, key support from the lows of 4 April.

If this zone of support holds then we wait to see if a rebound above $1290 can materialise, targeting $1295 and then $1310 in the event of a bigger rally. Below $1280 the price heads towards $1266.

Gold chart

Gold chart

Brent edges back to support

The steady rally has paused over the last few days for Brent, although dips towards $70.40 have found support.

The area around $71.50 remains the target in any break higher, clearing the way to $75.40.

Brent crude chart

Brent crude chart


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