Technical analysis: key levels for gold and crude
Gold’s rapid drop yesterday has arguably created a more bearish view in the short term, while oil is looking to retest the highs of the week after another dip to the week’s lows.
Gold under pressure after sharp drop
A sharp drop yesterday took the price of gold back towards the $1285 support level.
The reversal would seem to indicate that a bearish view now prevails, and an intraday rally may provide a fresh selling opportunity. Further declines below $1285 target $1277.
Brent held below the highs of the week
Dips to $66.80 continue to find buyers, but now we wait to see if the gains can hold above $67.80, where the Brent rally stalled earlier in the week.
From there, $68.50 comes into view. A fresh decline will challenge the $66.00 area of support once again.
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