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Technical analysis: key levels for gold and crude

Gold and Brent are hesitating, yet it looks likely we will see gold turn lower again, while Brent is expected to strengthen further.

IG Analyst

Publication date : 2018-10-04T10:10:31+0100

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Gold sells off after recent ascent

Gold has been moving lower off the back of a period of gains which took us into the top end of a range.

That rally into trendline support has since provided us with a move lower, which seems likely to persist despite early gains today. Unless we see a move through the $1208 mark, this current rally looks unlikely to last, with further downside expected to retain within the range.

Gold chart

Gold chart

Gold chart

Brent rallying higher from shallow pullback

Brent has been pushing higher after a shallow 38.2% retracement, with the uptrend remaining intact.

With the price slowing now, there is a good chance that we will see a pullback, but whether that happens or not it looks likely we will push upwards again, as long as the price does not fall below $83.94.

Brent chart

Brent chart

Brent chart

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