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Technical analysis: key levels for gold and crude

Gold and Brent have started to come under pressure following recent strength. With gold hitting trendline support and Brent yet to break a key swing low, the bearish reversal picture is yet to be confirmed.

Gold continues to turn lower after recent ascent

Gold has been pulling back from the key $1357 resistance area, with lower highs and lower lows coming into play.

The price has currently respected trendline support, which needs to be cleared out for further downside. However, in the near term, there is a bearish view in play as long as we do not see the price break back above $1347.

Brent faltering at $70.00 resistance

Brent is faltering at the crucial $70.00 mark once again this week, with the recent uptrend slowing, now that we have reached that crucial level. Above that, we have the $70.85 peak from late January to contend with.

To the downside, we need to see a break below $68.22 to bring a more bearish outlook. With that in mind, the price needs to break through $70.85 (bullish) or $68.22 (bearish) to bring a signal of where we go from here.

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