Technical analysis: key levels for gold and crude
Gold seems to have stemmed the moves to the downside, while signs of caution in equities are not being replicated in oil.
Gold starts to creep higher
As risk assets stumble, gold has begun to rally, albeit cautiously. It may well have established a base around $1270, creating a higher low.
If we see a close above $1280, forward momentum may build. The more bullish view persists unless a daily close below $1265 is seen.
Brent keeps on rallying
Stocks might be struggling but brent seems to be immune to any bearish movement. A new high for the year sees the price extend its gains above the 200-day simple moving average (SMA).
A pullback towards $72.00 and the 200-day SMA would likely be a strong buying opportunity, while further upside targets $75.55.
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