Technical analysis: key levels for gold and crude
Crude prices start to weaken, with nearby support level proving key to determining the short-term bias. Meanwhile, gold looks likely to weaken once again amid recent consolidation.
Gold weakening from trendline resistance
Gold has been in consolidation mode over the past week, coming off the back of a period of weakness that has brought us back towards the critical $1281-$1277 support zone.
The recent creation of lower highs remains key here, with a break through trendline and horizontal ($1295) resistance key to bringing a more bullish short-term picture. Until then, another leg lower looks likely from here.
Brent falling back into key support level
Brent has been easing back following a period of gains that saw the price rise into a four-month high.
The wider uptrend remains intact, yet we are seeing signs of a potential retracement coming int play. For that to occur, we need to see a break through the $68.73-$68.53 support zone. If that is the case, then we would likely move into a bearish short-term phase, where we retrace the recent $65.95 rally.
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