Technical analysis: key levels for gold and crude

Gold has returned to rising trendline support from the August lows, while Brent has slumped to a one-month low.

Gold back to key trendline support

A fresh battle to hold $1270 appears to be developing, as the price of gold dropped but then recovered back above the post-August rising trendline.

Further gains head towards $1290, the peak from late April, while a close below $1265 creates a new lower low and breaks trendline support.

Gold chart

Gold chart

Brent drops to one-month low

Brent has seen its first notable retracement in several weeks.

Further declines head to $69.20 and then on to $66.00 as possible support. A rebound above $71.00 would suggest that a higher low was in place and that the uptrend remains intact.

Brent

Brent


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