Technical analysis: key levels for gold and crude

Gold prices continue to fall, with Brent approaching a key level that could also provide a bearish breakdown.

Gold heading lower once more

Gold looks set for further downside, following on from a period of weakness that has unwound a month’s worth of gains in less than two weeks. The break below $1303 was the first major bearish signal, and we are now approaching the crucial $1277 support level.

A bearish outlook remains for the short term, with continued lower highs key to maintaining the trend. Thus, a rally through the $1297 would be required to negate the bearish outlook.

Brent heading back towards crucial support level

Brent is weakening once again, with the price moving back towards the crucial $64.47-$64.59 support zone.

A break below there would pave the way for a more bearish phase, while a rally above the most recent swing high would provide a more bullish view.

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