Technical analysis: key levels for gold and crude

Crude breaks below a key level, with a heightened risk of further downside as a result. Meanwhile, gold is attempting to regain ground following a fall into a crucial support level. 

Gold shows potential for short-term recovery

Gold has once again failed to break below the critical $1236 mark, with the price starting to push higher yet again.

The ability to push above the $1245 mark is going to be key in providing a short-term bullish outlook or not. Essentially unless we see a break below the $1236 level, there is always going to be a strong chance of a rebound for gold.

Brent consolidating after sharp decline

Brent is attempting to regain ground, following on from a sharp deterioration in the price yesterday.

The break below $72.35 raises the possibility of a wider sell-off. However, there is also a good chance that we move into a retracement mode. Thus, further downside looks likely unlikely unless we see a break above $75.87.

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