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Technical analysis: key levels for gold and crude

Gold’s retreat continues, while oil has slumped back below $40 for the time being. 

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.
Oil rig
Source: Bloomberg

Gold

Dollar strength continues to hamper gold, with the price now below the key $1220 support and now heading rapidly towards $1200 and the still-rising 50-day simple moving average.

A break below here threatens to push the price on towards $1160. Any recovery has to get back above $1250 to mark a definite turnaround. 

WTI

Those thinking this marks the beginning of a real sell-off would do well to remember what happened last week, when the price stabilised at $36 and then rallied hard.

If bulls can mount a defence of $39 the outlook could still be bullish for WTI, with a move back to $41 and then $42.60. A break below $39 takes the price on to the 15 March low at $36.

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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.