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Technical analysis: key levels for gold & crude

Gold prices remain under pressure, while oil looks set for a short-term bounce.

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
Source: Bloomberg

Gold looks to head lower
Despite a late bounce on Friday, gold remains under pressure. A failure to push on above $1225 would suggest a test of the lows of the past week around $1210. If this is broken then we look towards $1190 as possible support. 

Brent continues downtrend
Oil weakness in the past week has provided an interesting divergence for markets. We are still seeing a downtrend here, so the price will need to clear $39 for any hope of a more extended bounce. If it achieves this then the next area to watch is $41, and then $42.30. Downside targets lie around $36.50 in the first instance, and then down to $34.90. 

WTI appears stable
After a steady drop over the past week or more, WTI has stabilised around $36.50. A bounce here back to $38 may bring out fresh sellers, and it would take a move above $39 to confirm that the bounce has more room to run. Downward targets lie around $34.30 and then $32. 

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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.