Technical analysis: key levels for gold and crude

Gold’s downtrend is reviving, while Brent is reaching a crossroads. 

Gold mimics previous downtrend

The downtrend from the February high looks to be back in action for gold, with another attempt to break below $1314 apparently on the cards.

The creation of a new lower high at $1330 reinforces the impression that the sellers remain in charge here.

Brent hits obstacle with January highs

Brent's rising trend from the February lows, which has seen steady buying over the past six weeks, is still running into trouble with the downtrend from the January highs.

In March so far, rallies to $66.00 have found sellers, so it looks like a big move could be in the offing in due course as one of these trendlines breaks. Above $66.00, $67.70 comes into view, while a break below $64.00 would suggest a test of $63.00 and then $61.50. 

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