Technical analysis: key levels for gold and crude

Crude prices have surged higher once again after further conflict in Libya. Meanwhile, gold starts to regain ground after rebounding from a key support level.

Gold rallies from head and shoulders neckline

Gold rebounded from the key $1281 support level on Thursday, with the market failing to provide the bearish signal that would have come with a fall below that level.

There is still a good chance that we are seeing a retracement of the $1324-$1281 sell-off. That would point towards further upside, with the 61.8% ($1308) and 76.4% ($1314) retracement levels up ahead. As such, further upside seems likely to extend this retracement. However, the firmer direction is only provided with a break through $1324 or $1281.

Brent surges higher once more

Brent has surged higher overnight, with the conflict in Libya heightening once again amid an attack on the airport.

Further upside seems likely before long, yet a short-term retracement is also a distinct possibility. Such a pullback would only be seen as a retracement, with a bullish outlook in play unless we see the price fall below $68.83.

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