Technical analysis: key levels for gold and crude

Gold is looking to push to fresh highs, while oil prices appear to be on the verge of heading lower once more. 

Source: Bloomberg

Gold puts bulls in control
The rally continues here, with dips down to $1290 yesterday being enough to bring out more buyers, Now the work to push on above $1305 and then 2015 high begins.

A close above here signals that we are headed towards $1340, the July 2014 peak and then we can contemplate a move to the high of that year near $1390. Gold bears would need to push the price back down towards $1270 for the current bullish picture to be reversed.

Gold daily chart

Brent heads lower
Oil prices are in retreat once more, with all eyes on $45.60 and a possible move below this support level. If this is broken then the $44.90 area comes into view next, followed by the 200-day simple moving average at $42.72.

For the time being, it looks like rallies will continue to be sold, particularly if the price is unable to close above $47. 

Brent daily chart

WTI still looks negative
The pullback from the high of last week remains in place, and if the price drops below Monday’s low around $44.50 then we could see a further move down towards $42.60 in the short-term.

Daily stochastics remain negative, so we would look to sell any intraday rallies that manage to push into overbought territory. It would need a close above $46 to reverse the current bearish outlook. 

Brent daily chart

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