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Technical analysis: key levels for gold and crude

New bearish moves in oil confirm the downtrend in this commodity is still very much with us. 

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 is looking up
Having pushed through resistance around $1080, the price is now heading onwards to $1090, above the December peak. A continuation of this would push on to the key $1098 level, which was resistance in mid-November and support in early September. Pullbacks are likely to find support around $1073 and then $1064.

Brent bounces fails to beat off the bears
A fresh multi-year low this morning just goes to show how weak the ‘bounce’ seen at the beginning of the week really was. $36 was the key support level in late December, and with that now broken we look towards $34.67. We have had the bounce, and it looks as if the bears are back in control once more.

WTI bulls offer a little hope
For WTI bulls, there might be a little hope, but not much. Daily momentum indicators have turned sharply lower, which suggests the market is back in ‘sell the rally’ mode. Support is possible around $35 and then $34.26, but given the bearish pressure overall these are unlikely to hold for long. 

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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.