Technical analysis: key levels for gold and crude

Gold looks to be forming a bottom, while oil prices have rallied and may be on the cusp of breaking higher.

Gold holding above $1285 again

Continued dips below $1285 for gold are being met with buying pressure, reinforcing the view that a bounce could be in the offing.

Further gains target $1309, $1326 and then $1346. A break below $1277 revives the bearish case in the short term.

Gold price chart

Gold price chart

Brent seeks to breakout

Descending highs since 22 February are about to be challenged here, as the Brent price tests trendline resistance around $66.50.

A breakout above here and then through $66.86 would mark a fresh bullish move. This view persists unless we see a drop below $64.60.

Brent price chart

Brent price chart


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