Gold and Brent prices move into key support levels

Gold and Brent crude have drifted lower, bringing the prices back into key support levels.

​Gold declines into key support level

Gold has been grinding lower over recent days, with the price falling into the $1493 support level.

That level is going to be key for the day ahead, with a break below that point signalling the potential for a leg lower towards $1480. To the upside, a break through the $1508 level would be required to bring about a more bullish outlook.

Brent turning into trendline support

Brent has been drifting lower since the Wednesday peak, with the price heading into trendline support once again. The reaction to that line will be key, with the pair still showing the potential for a bullish turn before long.

It is worthwhile watching for a bullish crossover in the stochastic oscillator to bring a more positive outlook. To the downside, watch out for a break below $58.64 to bring about a resumption of the wider bearish trend. ​

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