Technical analysis: key levels for gold and crude
Gold and Brent have managed to rebound after recent declines. However, key hurdles remain if we are to take a bullish wider view.
Gold pauses after recent rebound
Gold has been pushing higher after a short-term double bottom formation.
The wider break below $1303 points towards a likely bearish picture coming into play once again before long. However, with such a substantial period of weakness leading into this recent rebound, there is a good chance that the current weakness is going to be fleeting, with another push higher looking likely before the bears come back in.
Brent rallies back in towards key swing high
Brent failed to follow through after breaking below the $64.47 support level, with the price rising back towards the crucial $66.98 resistance level.
The ability to break through that level is going to be key, with a bullish picture coming into play should such a break occur. Until then, there is a good chance that we will reverse lower from here given the trend of lower highs and deep retracements.
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