Technical analysis: key levels for gold and crude

Gold looks set for further downside following the recent post-breakdown rebound. Meanwhile, Brent is turning lower but this may simply provide us with a better buying opportunity.

Gold looks set for another turn lower

Gold managed to break lower from a period of consolidation, with the fall below $1187 indicating what is likely the beginning of a more bearish phase.

Given the rebound we saw last week, it looks like we are heading back into that bearish theme now. With that in mind, as long as the price remains below $1194, then further downside looks likely to come into play.

Brent turning lower after recent ascent

Brent managed to surge higher last week, seeing a new four-month high for the market.

This looks likely to spark another move towards the upside before long. Thus, while there is a strong chance that we will see a pullback, this would be seen as a buying opportunity as long as the price does not fall below $80.50.

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