Technical analysis: key levels for gold and crude

Brent is breaking higher, as it pushes into a four-month high. Meanwhile, gold has lost ground, as it closes in on a critical support level.

Gold bars Source: Bloomberg

Technical analysis Commodity

Gold approaching key breakdown level

Gold has continued to lose ground, following on from a wedge breakdown at 61.8% retracement.

This takes us closer towards a critical support level of $1281, which if broken would point towards a wider bearish picture coming into play. For now, watch for whether we break below $1286 to point towards further short-term downside.

Gold chart

Gold chart

Brent breaking through key resistance level

Brent is pushing through a crucial resistance level this morning, driving the market into the highest level for over four months.

With a wider bullish trend in place throughout 2019 thus far, there is a good chance that this is the beginning of the next leg higher from Brent.

Brent chart

Brent chart

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