Technical analysis: key levels for gold and crude

Gold continues to rally, while oil is doing its best to maintain the upward trend.

Oil pump
Source: Bloomberg

Further gains for gold?

The price of gold held above the descending trendline that it broke on Friday, so the way may be clear for further gains, up towards $1280 and then $1296.

It would take a move below $1264 to make the outlook here more bearish, while longer-term the price needs to clear $1296 to create a new higher high and put more fight into the post-December 2016 rising trend. 

Brent rallies on

The rally goes on for Brent, with $53.82 the next target, but it will need a move above $55, the May high, to suggest that the rally has further to go.

A daily close below $50 would be the real sign that a fresh move lower is underway. 

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