Technical analysis: key levels for gold and crude
Gold continues to push upwards, while Brent returns to the top of a short-term range.
Gold gains ground after Fed meeting
Gold has been blazing a trail higher over the past two months, with yesterday’s Federal Reserve (Fed) meeting providing yet another boost for the precious metal.
This takes us past the 76.4% retracement, which means that there is a good chance we are heading towards the $1365 area over the medium term. Previous rallies have seen gold moving back into the $1265-$1275 region and this looks like a similar picture. As such, further upside seems likely, with a break below $1277 required to negate this bullish trend.
Brent consolidating at notable resistance level
Brent has been largely rangebound over the past three weeks, with upside largely capped by the $62.52-63.02 range.
Given the price is now slowing at that $62.52 region, it looks like a distinct possibility that we will see the price start to turn lower. A break through $63.02 would be required to highlight another likely move higher from here.
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