Technical analysis: key levels for gold and crude

Gold looks set to continue its recent gains, while Brent is attempting to experience a more bullish phase following Wednesday’s rally within a long standing downtrend.

Gold continues to trend upwards

Gold has been remarkably consistent of late, with the recent rally taking us into a six-month high today. We have seen precious few signs to say that this is about to end, with a drop below the most recent swing low of $1264 required to negate the recent intraday element of this uptrend.

Beyond that we can start looking at wider elements of the trend, yet if we remain above $1264, a bullish short-term outlook remains in play.

Brent drifting lower after recent rebound

Brent crude managed to rebound sharply on Wednesday, providing us with an intraday higher high. This points towards a potential bullish phase coming into play as we retrace some of the wider $63.75-$50.26 move.

Watch out for trendline and Fibonacci resistance if we do see further upside. Only with a break below $50.26 would we look likely to resume the wider downtrend without any further upside.

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