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Technical analysis: key levels for gold and crude

After the bounce of last week, oil prices are in full retreat this morning. 

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Oil plant
Source: Bloomberg

Gold attempts to rally
After three days of consolidation last week, gold is trying to move higher once again. Moves above $1105 last week ran into a brick wall, so the price will need to clear this to suggest a challenge of $1110 is on the cards.

Above here the price will head towards the 200-day SMA at $1133. A move back down would test support around $1093 and then on towards $1084.

Brent slumps
As with indices, oil has moved lower this morning after a strong rally at the tail-end of last week. Having been heavily overbought on the intraday charts this move is to be expected, with support for Brent crude coming in around $30.18. A move higher targets $32.82 and then on to $33.23 and $34.28.

WTI follow suit
The same can be said here, and while the move has been dramatic this morning there is a possibility of support around $30.41. Below this the price targets $28.56 and then $27.60. Any move back above $32 would head towards $33.22 and then $34.20. 

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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.