Technical analysis: key levels for gold and crude

Gold’s rally has moved into a trading range for now, but oil prices continue to climb.

Petroleum Day trading Technical analysis Commodity

Gold bounces around in a range

Gold has spent the week bouncing between $1280 and $1295. It is currently gearing up for another attempt to push higher, but a close above $1300 is needed to open the way to further upside.

Likewise, a close below $1280 would be needed to suggest further downside is likely.

Gold chart

Gold chart

Brent clambers higher

Brent and equities continue to move in lockstep. An elegant uptrend has developed, and a new higher high has been created early on in trading today.

Retracements intraday remain buying opportunities. A breakout above $63, the highs of early December, is the next event to watch for.

Brent chart

Brent chart

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