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Technical analysis: key levels for gold and crude

Gold has finally found some buyers, while oil prices have moved off the lows seen at the end of last week.

A pile of gold rings
Source: Bloomberg

Gold battling to hold above $1090

Gold enjoyed a good start to the week, but since then it has fallen back from resistance around $1098. However, as long as it holds above $1090 then we may see some further buying, but the bulls need to get the price back through $1100 to confirm the upward move. For the moment, it appears a break below $1080 is off the cards, but if this does happen then the next area to watch is $1070.

Spot Gold chart

Brent targets $46

We have seen the Brent price rally off the Friday lows, but aside from some small buying the $45 level has yet to be broken. If it is then the next target is $46, the peak from Friday’s session. Any move below Friday’s lows around $44.20 would then head towards support around the August lows around $42.20.

Brent chart

WTI buyers in ascendency

Friday’s low around $40 is the area to watch, but for the moment WTI buyers have the upper hand. If the price breaks through $41.87 then the next target would be $43.03. Any further declines head towards support at $40, then $37.90. 

WTI chart

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