Technical analysis: key levels for gold and crude

Brent has broken to a four-month high, while gold continues its recent downtrend overnight.

Gold continues to trend lower

Gold remains on a bearish pathway this morning, with the price managing to set another lower low by falling below $1287.

Should the price remain below that level, we would be looking for a move down towards the key $1281 low. A break below there would point towards a wider bearish picture coming into play. Until then, the short-term picture looks bearish unless we break through $1300.

Brent pausing after bullish breakout

Brent has managed to break out of its recent phase of consolidation, with the rise above $68.53 providing a four-month high.

With the price now consolidating, watch for a break through $69.44 as a bullish buy signal. Until then, short-term downside would be seen as a retracement, with further upside looking likely in the medium term.

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