Technical analysis: key levels for gold and crude

Gold and Brent are both attempting to regain ground after recent selling. With key support levels to the downside, both are beginning to show signs of a resurgence.

Gold attempting to regain ground from range support

Gold has declined into the bottom of its range this week, with the price reaching the $1303 support level from early March.

The ability or inability to break below that level would be key to determining whether we are going to see a bearish breakout or not. As such, watch for an hourly close below $1303 for a bearish signal, while a rally above the $1314 level would help build a more bullish picture.

Brent continues to respect support amid consolidation

Brent has been in consolidation mode over the past two weeks. The $72.39-$72.49 support zone has been key to drawing a line under any selling, and this appears to be on the cards yet again this week.

With the price starting to turn higher there is a strong chance we will see a rebound towards the $74.25 resistance level. A break below $72.39 would signal the potential of a wider retracement. 

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