Technical analysis: key levels for gold and crude

Gold looks to be headed lower once again, while oil is weaker ahead of potential news on the Iran deal. 

Gold bounce slows down

The price rallied towards the end of last week but already gold's bounce appears to be running out of steam.

Possible areas of support come in at $1307 and then $1300, along with the 200-day simple moving average (SMA) at $1306.

Potential weakening for Brent

The price moved above $76.00 yesterday, but potential negative divergence with stochastics on the daily chart indicates a weakening of momentum for Brent.

Still, the overall move higher remains intact, and any deep retracement to support such as $70.85 or $69.23 would still provide a buying opportunity. 

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