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Technical analysis: key levels for gold and crude

A volatile morning sees gold push higher, while Brent turns lower, as risk appetite becomes key to market sentiment.

Oil field
Source: Bloomberg

Gold spikes on Catalonia fears

Gold has managed to push higher, following a pullback into the 61.8% retracement this week, with proceedings in Catalonia sparking a flight to safety.

There is a good chance we have bottomed out here, with an hourly close above $1289 providing a bullish confirmation. 

Oil price chart

Brent breaking below trendline, as upside falters

Brent is breaking to the downside this morning, following a period where the market failed to break through $58.32 resistance.

The current move below trendline, the simple moving average (SMA) and $57.54 support suggests further weakness. This results in $57.01 being the next key level to watch out for. An hourly close below there would point the way towards significant further downside.

Oil price chart

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