Technical analysis: key levels for gold and crude
Both gold and Brent are consolidating, with key breakout levels up ahead.
Gold consolidates after recent pullback
Gold has been trading sideways over the past week, coming off the back of a brief period of downside. The wider trend, of late, has been overwhelmingly bullish and thus we are expecting to see this upward trend come back into play unless we break $1277.
However, there is still a chance of further downside for the near term, with a break through $1317 required to negate this possibility. For now, we need to see a break through either $1317 or $1303 to provide us with a bullish or bearish short-term bias from here.
Brent rising towards crucial breakout level
Brent is gradually gaining ground as it approaches the critical $63.75 resistance level. A break through that level would provide us with a wider bullish outlook.
However, until that happens there is a good chance we will simply remain within this recent consolidation phase by turning lower in the near future. Thus, the outlook for this market comes with the ability or inability to break through the $63.75 level.
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