Technical analysis: key levels for gold and crude

Gold’s rally has moved into a trading range for now, but oil prices continue to climb.

Gold bounces around in a range

Gold has spent the week bouncing between $1280 and $1295. It is currently gearing up for another attempt to push higher, but a close above $1300 is needed to open the way to further upside.

Likewise, a close below $1280 would be needed to suggest further downside is likely.

Brent clambers higher

Brent and equities continue to move in lockstep. An elegant uptrend has developed, and a new higher high has been created early on in trading today.

Retracements intraday remain buying opportunities. A breakout above $63, the highs of early December, is the next event to watch for.

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