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Technical analysis: key levels for gold & crude

Gold has stalled but oil is in the ascendancy once again.

CFDs are a leveraged product and can result in losses that exceed deposits. Trading CFDs may not be suitable for everyone, so please ensure you fully understand the risks and take care to manage your exposure.
Gold bars
Source: Bloomberg

Gold
Gold
closed around $1240 on 11 February, and since then it has failed to close above this level. Three times this week (today being the third) it has tried to move on above $1240, with no success. 

The risk is now that we see a move back to the bottom of the current range, down to $1205. Below this we have rising support on the daily trendline, currently at $1180. A breakout above $1240 still targets the month high at $1260. 

Brent
Brent
finds itself knocking on $36’s door once again. Yesterday’s attempt to break higher didn’t end well, so the risk is that we have another move lower. If that transpires, then we look to the lows of Wednesday around $32.30, and then down to $31.80. A break above $36 heads towards $39, and then the 100-day SMA at $39.80.

WTI
Having bounced yesterday, the commodity is now heading back towards key resistance around $34. Above this we have resistance at $34.53 and then $35.40, and through here takes us on to $38.05, the highs of late December. 

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CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.