Technical analysis: key levels for gold and crude

Gold is still trying to break higher, while Brent is, for now, being supported around the $62 level.

Gold still trying to break higher

Another attempt to break higher yesterday was beaten, but the price of gold has recovered to an extent and is back at $1285.

From here the next target is downtrend resistance from the February highs, which would come into play around $1293.

Gold chart

Gold chart

Brent holds support for now

The price has fought to hold $69.20 this week for Brent, and has succeeded so far.

But lower highs from 25 April are still in place, putting significant bearish pressure on the commodity. The next level of possible support it $66.80, while a move back above $70.80 would provide a more bullish view and suggest that a higher low is in place.

Brent chart

Brent chart


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