Technical analysis: key levels for gold and crude

Both gold and oil are on the up, with the former looking set to breach its recent high.

Gold ore
Source: Bloomberg

Gold still looking positive

The recovery over the past week has seen the price move from $1180 to $1220, reversing the move from 24-27 January. Now the bulls need to post a daily close above $1220 to open the way to $1237 and then $1254.

A dip towards $1200 should see fresh bullish momentum, with only a move back below $1190 reversing the positive outlook.

Gold price chart

Brent momentum set to continue

Yesterday’s surge took the price back towards the top end of its current range, so now we look to see if momentum can be maintained and whether the price can break out above $57.50.

This would then open the way to $58.32, the late December peak. 

Brent crude price chart

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