Technical analysis: key levels for gold and crude

Gold is still holding up as risk assets sell off, but oil is weaker as investors wait for the OPEC decision.

Gold rallies off the lows

Gold’s dips to $1234 have found buyers over the past two days, and we are seeing some strength around here this morning.

Further moves higher will require a break of $1241, which then opens the way to $1260.

Brent falls ahead of OPEC

Some hesitation is creeping in here ahead of the Organisation of Petroleum Exporting Countries (OPEC) meeting. Brent’s dips to $60.60 have found buyers, while rallies to the $62.80 area have been met with selling.

A close above $63.80 ignites a fresh move higher and, arguably, as long as the price can hold $60.00, further gains are possible. A close below this would signal that the sellers are back in charge.

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