Technical analysis: key levels for gold and crude
Gold is showing signs of a potential bearish reversal, with a key support level to watch down below. Meanwhile, Brent is hesitating around key Fibonacci resistance.
Gold trendline break points towards bearish reversal
Gold has broken below an ascending trendline of support, with the market heading towards a crucial support level in what could be the beginning of a wider period of downside.
Should we see a break below the $1303 mark, it would look like we are set for a period of weakness, with the market giving back some of the gains seen throughout the past four months. As such, today is all about awaiting the answer on whether we will see $1303 broken or not, with a drop below that level paving the way for a more bearish phase.
Brent rallies into Fibonacci resistance
Brent rallied into the 76.4% resistance level this morning, with the market climbing gradually towards the $67.82 peak established last week.
Watch for how we react to this Fibonacci resistance level, with a bearish picture coming into play if we fail to break it and instead fall below the $65.90 level.
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