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Technical analysis: key levels for gold and crude

Gold is fighting hard to build a base, while oil prices remain stuck in their current trading range.

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 pipeline
Source: Bloomberg

Gold
Sellers keep probing the downside around $1320/$1325, but so far this level is holding. If a base develops around here prior to a move higher, we could be looking at a test of $1350 and then $1375.

A break below $1320 would head towards $1305 in the first instance, and then down to the 50-day simple moving average (SMA) at $1286.

Brent
The price has headed back to the $46/$46.50 area that has prevented further sell-offs of late. If recent history repeats itself, prices may be setting themselves up for a bounce towards $48.

A break above here targets $50.90. Any move lower would test support around $44, last seen in early May.

WTI
Weakness here has put the price on a pat to test support at $44.50/$45, where the downside has stalled in recent sessions. The top end of the current range lies around $47, where the bounces of 12 and 15 July ran out of steam.

Overall however, the pullback from the June highs continues, with strength still being sold. 

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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.