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Technical analysis: key levels for gold and crude

Gold prices are holding their ground, while WTI looks to be building momentum for further gains.

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Gold bars
Source: Bloomberg

Gold could find support at rising trendline from 3 December

The $1069.60 mark has held as support so far this week, and moves lower today may well find support around $1074 and the rising trendline from 3 December.

Upside targets lie around $1081 and then $1087, while additional support is possible around $1062 and then $1058.

As long as the price holds above $1069, it would appear that the buyers have the upper hand. 

Brent eyes $41.30

After its drop on Monday Brent continues to find support above $40, with further targets on the downside around $38.93 and then $38.05.

However, if the price can avoid pushing lower today we may see a bounce in the direction of $41.30 and then $42.20, given the strong buying that appeared yesterday around the $40 mark.

WTI could find downside support at $36.90

Buying pressure appeared yesterday to hold the price above Monday’s lows. With the price now holding above $38, we may see a move towards resistance at $38.85, and then on to the 100-hour simple moving average at $39.35.

Support on the downside is likely around $36.90 and then $36.60. 

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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.