Technical analysis: key levels for gold and crude
Gold’s rally has suffered a knock, but the overall bullish view remains intact, while Brent is in a potentially bearish formation.
Gold drops back after spike higher
The price of gold hit a fresh high for the year yesterday, but has fallen back this morning.
The $1326 and $1310 levels are near-term support, but the wider trend remains intact unless we see a move below $1300.
Brent struggling to move higher
A possible bearish wedge is forming here, with the price of Brent running into resistance and failing to break higher. A decline takes it back towards support around $64.00.
A breakout above $67.50 is needed to escape the wedge formation.
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