Technical analysis: key levels for gold and crude

Oil shows no sign of stopping, while gold’s bounce off support continues.

Gold bars
Source: Bloomberg

Gold claws its way higher

Gold bulls have done their job, pushing the price away from the $1264 support zone. Further gains will target $1285 and $1290 in the short-term, and then on to the October peak at $1310.

It will be interesting to watch whether further intraday weakness is met by buying pressure. A bearish view requires a drop back below $1264.

Brent holds the highs

Fresh highs here for Brent yesterday confirm that the buyers are still in charge. A pullback to the $58.93 high would produce another buying opportunity.

Bears will find it hard to get much traction in this market unless the price moves back below $56.00, with the sequence of higher lows and higher highs firmly in place. 

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