Technical analysis: key levels for gold and crude
Gold rises towards key bullish breakout level. Meanwhile, Brent gains have brought a confluence of resistance back into play.
Gold gradually rising as bullish breakout looking increasingly likely
Gold is gradually rising, with the price respecting trendline support on the way up over the past week.
The rise through $1288 on Wednesday lays the groundwork for a potential double bottom break higher, with a rise through that peak of $1291 providing the bullish signal. Conversely, a fall below $1279 would bring a more bearish picture into play.
Brent consolidates off the back of a head and shoulders breakdown
Brent has failed to follow through on the bearish head and shoulders breakdown.
The subsequent consolidation continues to play out, with the rise into a confluence of trendline resistance pointing towards a possible next leg lower before long. As such, another bearish move looks likely in the near future, with a rise through $71.60 required to bring a more bullish outlook.
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