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Technical analysis: key levels for gold and crude

Gold has managed to rebound sharply, following on from a seemingly bearish decline. However, things look set to turn lower from here. Meanwhile, Brent is expected to continue rising, with new multi-year highs being created each day.

IG Analyst

Publication date : 2018-10-03T10:04:32+0100

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Gold turning lower after sharp ascent

Gold rebounded towards the top of the recent area of consolidation, ruling out an immediate breakdown in the price following the drop below $1188.

This rally is unlikely to last, with a rise through $1214 required to bring about expectations of further upside. As such, look out for a bearish reversal today, with gold likely to give back much of the gains seen yesterday.

Gold chart

Gold chart

Gold chart

Brent heading higher after another shallow retracement

Brent looks set for another push higher, following on from a light retracement overnight.

The wider trend is clearly bullish, with the price reaching new multi-year highs on a regular basis this week. With that in mind, there is a good chance that we will see further upside from here, with a break below $82.50 required to negate the current uptrend.

Brent chart

Brent chart

Brent chart

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