Technical analysis: key levels for gold and crude

Gold took a dive yesterday, and is staging a small bounce, while Brent is aiming to continue its rally.

Gold recovers from sell-off

The price slumped yesterday for gold, although it has yet to break support at $1180.

This is the first step to opening the way to the $1160 lows seen in August. If $1180 holds then a bounce back to $1205 and then $1215 is possible.

Brent rallies towards trendline resistance

Downtrend resistance from the highs of last week will come into play at $85.14 for Brent.

A breakout targets the highs at $86.65. Fresh declines below $82.56 would bring a zone of support around $80.00 into play, these being the May highs and previous resistance.

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