Technical analysis: key levels for gold and crude
Gold falls into notable support following a recent rebound, while Brent is heading back into a crucial support level.
Gold falls back into prominent support level
Gold has been in an upward retracement mode, with the gains seen over the course of last week looking like a precursor to another breakdown before long.
Whether or not we see further upside remains to be seen, but with the price falling into the $1278 low from Monday, there is a growing chance that the selling will soon resume once again. As such, watch out for whether we rebound or drop below this level, where a break through $1286 is required to bring about a more bullish view.
Brent rebounds from confluence of support
Brent has managed to rebound from a confluence of support between trendline and horizontal lines at around $70.49.
We are now in a pullback phase, with the price heading back towards that same level. Thus the key here is whether we see a break below $70.49 or we create a higher low to begin building a more bullish phase from here.
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