Technical analysis: key levels for gold and crude

Oil prices continue their move lower from the highs, raising questions about the sustainability of the rebound, while gold is still bouncing around in a range.

Gold remains rangebound

The price of gold continues to falter around $1295, as we saw yesterday.

Now a push back to $1285 may result, but unless that is broken the rangebound trade remains in place. A push down to $1280 or $1276 would create a more bearish impression.

Gold chart

Gold chart

Brent edges lower

Brent's steady retreat from the highs above $62.00 continues. We have seen lower highs over the past two sessions, as small rallies meet with selling pressure.

A push below $59.00 maintains the bearish view, and it would take a recovery above $60.00 and then $60.50 to reaffirm the bullish view of last week.

Brent chart

Brent chart


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