Technical analysis: key levels for gold and crude

Gold is looking at risk, with the price weakening from the 61.8% resistance. Meanwhile, Brent looks set for further upside following a break into near four-year highs.

Gold turning lower from 61.8% retracement

Gold has started turning over yet again, following on from a rally into the 61.8% retracement level.

There is a strong chance that we will see the market continue to turn lower, with the failure to break above $1212 seemingly paving the way for another move towards the downside. Given the wider downtrend, the ability to break below $1919 will be key in pointing towards another strong move towards the downside.

Brent breaks into near four-year high

Brent managed to break through the $80.49 resistance area yesterday, hitting the highest level seen in almost four years.

It looks like we will see further gains over the near term, with a break below $77.81 required to negate the wider bullish trend.

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