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Technical analysis: key levels for gold and crude

Gold prices are on the rise once again following a 76.4% retracement. Meanwhile, Brent is starting to stabilise after a drop into a key support level.

IG Analyst

Publication date : 2018-10-26T10:13:41+0100

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Gold turning higher from 76.4% retracement

Gold is pushing higher after a retracement into the 76.4% Fibonacci support level.

This points towards a continuation of the recent uptrend, with a push through $1239 required to continue that trend. With that in mind, a bullish view remains in place unless we see the price break below the $1225 swing low.

Gold price chart

Gold price chart

Gold price chart

Brent stabilises at key support

Brent has managed to stabilise at the key $75.57 swing low, with the price starting to regain some ground. That could simply be a retracement, yet further upside looks likely from here.

As such, look for further short-term gains, or else a continuation of the downtrend with a break below $75.57.

Brent chart

Brent chart

Brent chart

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