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Technical analysis: key levels for gold and crude

Both gold and Brent have been moving back into the wider bullish trend, but with key resistance up ahead for both, questions remain.

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Gold punches higher yet again

Gold has managed to break higher again overnight, with the price pushing upwards once more this morning.

This has taken us to a new four-month high, where the next key resistance comes in around $1357. Until then, further upside is likely, with the creation of higher highs and higher lows on the hourly timeframe providing buying opportunities. As such, a bullish view remains in play, unless we break the near-term swing low, which is currently $1339.

Gold chart

Brent back on the front foot

Brent managed to bring a more bullish view back into play, with yesterday’s rally through the $69.39 resistance level.

While we are seeing weakness come into play, there is a good chance it will be a retracement before we move higher once more. That being said, it is worthwhile noting that the market remains at a critical long-term resistance zone, with the price needing to break above $70.00 to move clear. With that in mind, the bullish outlook provided by yesterday’s rally should be treated with caution, until we move away from this area.

Brent chart

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