Technical analysis: key levels for gold and crude

Gold and oil are both enjoying strong uptrends, in both the short- and longer-term timeframes, helped by a softer dollar for the former and falling supply for the latter.

Uptrend in gold continues

Gold's steady progression of higher highs and higher lows continues, and while the price has dropped back from yesterday’s high for the moment the uptrend is still in place.

A close below $1300 would be bearish, opening the way to $1296 and then $1285. If a higher low is formed, then a close above $1310 opens the way to the previous high at $1326.

Gold chart

Gold chart

Brent pushes higher

Brent hit a new high for the year yesterday, and while it has pulled back overnight, the uptrend is still intact.

A pullback is still a possible buying opportunity, as a prelude to further gains in this still-bullish move from the December lows.

Brent chart

Brent chart


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