Technical analysis: key levels for gold and crude

Gold and oil are both on the up this morning, recovering more of the ground lost in recent sessions. 

Gold bars
Source: Bloomberg

Gold makes further gains

Dollar weakness continues to propel gold higher, with the price now testing the $1290 area. A close above here would then signal a move towards $1314, putting a further dent in the downtrend from the September highs.

A reversal would test $1260 and then on down to $1240. 

Gold chart

Brent aims to push higher

Brent rebounded off the lows yesterday, and moved back above $55, meaning that the bulls will now be looking to take out the $57 high from last week.

A success here would open the way to the September peak at $59, while a drop below $55 opens the path to $54, and the 50-day simple moving average (SMA) at $53.81.

Brent chart

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