Technical analysis: key levels for gold and crude

Both Brent and gold have been gaining ground this week, yet with gold moving lower in early trade, we need to see another leg higher in the near future

Mining figure
Source: Bloomberg

Golds weakens towards key intraday support

Gold has been trending nicely to the upside this week, with pullbacks being greeted by further gains. This morning, we are seeing a similar pullback, yet we will need a break higher before long, as the price has got close to the key $1235 support level.

As such, a bullish view remains in play unless we break the $1235 support level, which would point towards a wider retracement of the rally from $1215.

Brent continues to push higher

Brent has been gaining over the past week, with the price getting ever closer to the crucial $49.92. A break through that level would have bullish implications for the medium-term picture.

Conversely, a break back below $48.39 would point towards a bearish phase coming into play for Brent.

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