Technical analysis: key levels for gold and crude

Gold continues to push upwards, while Brent returns to the top of a short-term range.

Gold gains ground after Fed meeting

Gold has been blazing a trail higher over the past two months, with yesterday’s Federal Reserve (Fed) meeting providing yet another boost for the precious metal.

This takes us past the 76.4% retracement, which means that there is a good chance we are heading towards the $1365 area over the medium term. Previous rallies have seen gold moving back into the $1265-$1275 region and this looks like a similar picture. As such, further upside seems likely, with a break below $1277 required to negate this bullish trend.

Gold price chart

Gold price chart

Brent consolidating at notable resistance level

Brent has been largely rangebound over the past three weeks, with upside largely capped by the $62.52-63.02 range.

Given the price is now slowing at that $62.52 region, it looks like a distinct possibility that we will see the price start to turn lower. A break through $63.02 would be required to highlight another likely move higher from here.

Brent price chart

Brent price chart


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