Technical analysis: key levels for gold and crude

Gold consolidation retains a bullish outlook, while Brent reaches a major long-term resistance that will guide price action going forward.

Gold continues to consolidate within uptrend

Gold has moved lower this morning, with the price consolidating off the back of a recent uptrend.

The price remains within an uptrend, with the creation of higher highs and higher lows in place, despite this current consolidation. With that in mind, a bullish outlook is in place, with a break below $1308 required to provide a signal of possible short-term downside. 

Brent rallies into long-term resistance

Brent has gained significant ground over recent weeks, with the price rallying into the crucial $69.24 resistance level today, which is the high from May 2015. A break above there would form a new three-year high for Brent.

As such, watch out for the reaction to this, with a convincing follow through on any break above there pointing towards further gains. However, the importance of this level provides the potential for a reversal. So, watch the reaction to this level as a guide to whether this uptrend will persist.

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