Technical analysis: key levels for gold and crude

Gold and Brent continue their gradual ascent, with both markets grinding higher.

Gold back around resistance area

Gold has managed to rally back into the $1265 region this morning, as the market continues its gradual ascent. The fall below $1260 added a greater risk of a pullback, yet an hourly close above $1265 would negate this.

The recent bullish turnaround may not have been the most exciting, yet it has been relatively consistent. As such, further upside seems likely, with a break through $1265 adding greater confidence to that move.  

Gold chart

Brent continues its gradual ascent

Brent has continued its gradual ascent this morning, with the price reaching the highest level in a week.

With trendline support in play, there is a good chance we will continue to grind higher from here. A break below $63.09 would be required to negate this short-term bullish view.

Brent chart

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