Technical analysis: key levels for gold and crude
Gold has slipped below key support, but oil prices are holding up well despite weakness earlier in the week.
Gold under pressure
Rallies towards $1285 brought out the sellers, and the price of gold has continued to fall back towards $1276 support.
A move below here targets $1260 and then on down to the 200-day simple moving average (SMA) at $1247. A more bullish view requires a close back above $1285.
Brent steady after recent weakness
Like equities, Brent has struggled to maintain its bounce, but the downside has been limited.
So far this week dips towards $60.40 have found buyers. Continued defence of this area, and the ongoing price action above the 50-day SMA ($59.79), would provide a more bullish view, targeting $63.00 in the near term. A bearish view requires a drop below $58.60.
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