Technical analysis: key levels for gold and crude

A strong dollar means that commodities have found it hard to hold their ground this morning. 

Gold retreats from overnight levels

A fresh downward move is developing for gold, with the price dropping back from overnight highs once again.

Below $1314, the $1307 and $1298 levels come into play. Any bounce that fails to move above $1333 remains a selling opportunity. It would require a close above $1340 to really suggest a turn higher is underway.

Brent recovers slightly

The price has trended lower since late January, with rallies being sold for Brent.

This was played out yesterday, with a bounce back to $65.80 finding selling pressure. While it has recovered since, any rally that fails to move above $66.00 is another lower high and thus a possible selling opportunity. Further declines target $63.00 and $61.64.

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