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.

Gold chart

Gold chart

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.

Brent chart


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