Technical analysis: key levels for gold and crude

Gold attempts to claw back some of its lost ground, while crude prices attempt to break through crucial long-term resistance.

Oil rig
Source: Bloomberg

Gold rally takes a breather

Gold is pulling back this morning, with price ranging between $1267 and $1273. Should we see an hourly close below this level, it would point towards a deeper retracement of yesterday’s rally, with trendline and Fibonacci support coming into play.

We would need to see an hourly close below $1260 to negate the bullish view, with any short-term pullback looking like an opportunity to get long for a move back above $1273.

Brent pullback unlikely to last

Brent has been selling off overnight, following a bullish triangle breakout yesterday. We are looking for Brent to surpass $53.95 in the near future and as such, this current retracement seems like a good opportunity to get long. A bullish outlook remains unless we see an hourly close below $51.71.

WTI expected to turn higher once more

WTI managed to break to a new 15-month high, bringing about the potential for a bullish breakout. We are seeing the price turn lower currently, yet as long as we do not see an hourly close below $51.01, then a bullish view remains.

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