Technical analysis: key levels for gold and crude
Brent manages to turn higher after fall into key support level, yet with gold having broken such a level, the bears are in full control.
Gold continues to decline after $1303 break
Gold fell below the critical $1303 support level last week, paving the way for further downside. This weakness has been remarkably consistent ever since, with a brief rebound doing little to stand in the way of the bears.
We now have another notable support level to contend with, at $1277. For now, it makes sense to look for further downside, with a break through $1297 required to negate this bearish outlook.
Brent rebounding from key support level
Brent has started to turn higher after a sell-off from the 76.4% Fibonacci retracement level took us into the key $64.47 support region. Should we have broken below that level, it would point towards a wider period of weakness coming into play.
However, with the price instead moving higher, we are essentially awaiting a bullish break through $67.00, or a bearish move below $64.47.
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