Technical analysis: key levels for gold and crude

Gold has found the strength to rebound after a recent run of losses, while oil prices are edging back lower while remaining firmly in a broader uptrend.

Gold gets a short-term boost

Gold is rallying in early trading, but with the steady losses over the past week this rebound may well turn into another selling opportunity.

A move back towards $1280 would work off the intraday oversold position, and below this $1277 is trendline resistance from the 12 April peak.

Gold price chart

Gold price chart

Brent edges lower in early trading

The Brent price is struggling to hold its ground, although $70.85 is proving to be support in the near term. Below this, $70.50 is also possible support.

We have seen higher highs over the past week, so a push towards $72.00 is possible.

Brent price chart

Brent price chart


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