Technical analysis: key levels for gold and crude

Gold has managed to break through key support, with one support level in the way of another leg lower. Meanwhile, Brent has broken through a notable resistance level, bringing about a heightened chance of further upside.

Gold breaking into bearish phase

Gold has managed to break through the bottom of a symmetrical triangle formation, with the price currently heading into a critical support level at $1277.

A break below that level would signify the likely beginning of a bearish phase for the metal as it goes about giving back much of the upside seen in the back end of 2018.

Gold chart

Gold chart

Brent breaks through key resistance level

Brent has managed to break through the key $62.52 resistance level, bringing an end to the bearish break seen a week ago.

We still have the $63.75 level to contend with up ahead. However, it looks likely we will continue to grind higher following this important bullish break.

Brent crude chart

Brent crude chart


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