Technical analysis: key levels for gold and crude

Downside moves remain the theme here, with an early rally in Brent rapidly disappearing. 

Gold bars
Source: Bloomberg

More downside in gold looks likely
The move through support at $1070 suggests we will see more downside here, with targets in the direction of $1055 and then $1047 if support around $1064 is broken.

Last week saw a continued failure to break through $1080 so this is the first area to watch on the upside, followed by $1089 and then $1099.

Bears look to take control of Brent
$38.38 has so far stemmed any bounce this morning – so if this remains the case, the bears look to be in charge of Brent crude once again.

As a result, we would look towards $37.02 and then $36 as potential targets. Buyers would need to take the price back through $38.38 and then move on towards $39.40. 

WTI still under pressure from the bears
Bearish pressure remains the theme here, with $35.50 remaining the first hurdle to any upward move.

If this is broken we look towards $36.31 and then $37, but for now most will be focusing on the downside, with $34.73 and then $34 as potential areas of support. 

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