CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider.You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

Technical analysis: key levels for gold and crude

Both gold and Brent look at risk of a potential bearish turn, following recent gains into deep retracement levels.

Gold weakens from Fibonacci resistance

Gold has been turning lower since the recent rally into the 61.8% Fibonacci level and trendline resistance. That points towards the possibility of a more bearish picture coming into play.

However, we have not seen any form of confirmation of an impending bearish phase coming into play, with a break below $1303 providing that. Otherwise, watch for whether we see a break through the $1325 peak to push on towards the 76.4% resistance at $1331.

Brent rallies into deep retracement

Brent has been regaining ground from the key $66.09 support level. That inability to continue creating higher low points towards this subsequent rally as potentially falling short of the $68.53 peak set on Thursday.

With the price respecting the late February peak of $67.82, we could see a more bearish picture come into play from here. However, confirmation of that short-term bearish outlook would come via a break below $67.30.


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