Technical analysis: key levels for gold and crude

Both gold and Brent look at risk of a potential bearish turn, following recent gains into deep retracement levels.

Gold weakens from Fibonacci resistance

Gold has been turning lower since the recent rally into the 61.8% Fibonacci level and trendline resistance. That points towards the possibility of a more bearish picture coming into play.

However, we have not seen any form of confirmation of an impending bearish phase coming into play, with a break below $1303 providing that. Otherwise, watch for whether we see a break through the $1325 peak to push on towards the 76.4% resistance at $1331.

Brent rallies into deep retracement

Brent has been regaining ground from the key $66.09 support level. That inability to continue creating higher low points towards this subsequent rally as potentially falling short of the $68.53 peak set on Thursday.

With the price respecting the late February peak of $67.82, we could see a more bearish picture come into play from here. However, confirmation of that short-term bearish outlook would come via a break below $67.30.

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