Technical analysis: key levels for gold and crude

Gold looks set for further upside as it breaks higher from the recent pullback. Meanwhile, Brent crude is pulling back in the wake of recent gains.

Gold hoping to build on recent gains

Gold has been showing signs of a resurgence of sorts this past month, with the price breaking higher from a period of retracement once again over the second half of this week.

That points towards further upside coming into play from here as we push away from this recent phase. As such, look for further gains to come into play, with a drop below $1200 needed to raise doubts over gold’s ability to continue gaining ground from here.

Brent retracing in the wake of recent gains

Brent has been turning lower since break through the $0.7967 resistance level earlier in the week.

This points towards the current pullback as being a retracement before we push higher once again. However, be aware that WTI has not seen such a break, thus bringing the validity of that break into question. For the time being, further downside looks likely. However, the validity of utilising this as a retracement or reversal is not so clear.

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