Technical analysis: key levels for gold and crude

Gold and Brent both move in a more bullish pattern. While Brent is starting to reverse recent gains, gold is way ahead after a sharp rise yesterday. 

After break higher, gold consolidates

Gold managed to punch higher yesterday, following the latest US inflation data. 

Given the size of that move, there is certainly a risk of a retracement over the short term. However, any such move would be seen as a retracement rather than a reversal, unless the price falls below $1306. As such, it makes sense to look out for continuation or consolidation patterns, to look for long positions.

Brent looks to have turned a corner

Brent seems to have progressed recently, with the sell-off failing to break below the $61.04 level and subsequently rallying through the $64.24 swing high.

With that in mind, the current pullback looks likely to be a short-term move, with further upside expected, as long as the price does not fall below $61.66. 

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