Technical analysis: key levels for gold and crude

The gold uptrend remains intact after a sharp rally on Friday. Meanwhile, crude prices took a hit on Friday, providing a renewed focus on downside price action.

Oil barrels
Source: Bloomberg

Gold retraces after sharp rally

Gold is pulling back following a spike in the wake of the FBI-Clinton announcement on Friday. This managed to bring the uptrend back into play after a brief foray below the key $1265 mark.

We are now seeing a retracement which looks like it will provide us with an opportunity to get long once more within this uptrend. As such, a bullish outlook remains unless we see an hourly close below $1262.

Brent choppiness leads to another move lower

Brent fell sharply at the end of the day on Friday, showing that the recent sell-off is not quite dead and buried yet. As such, with price back below the crucial $51.23 double-top neckline, another leg lower seems likely.

With that in mind, a bearish outlook is in play unless we see an hourly close above $51.86.

WTI rally on borrowed time

WTI is gaining ground this morning, following on from a sharp move lower on Friday. Much like Brent, we are back below the crucial double-top neckline ($49.70) and the downtrend remains intact.

As such, any rally is seen as an opportunity to short at a better price, with a bearish outlook in place unless we see a break back above $50.22.

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