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Technical analysis: key levels for gold and crude

Gold’s rally remains capped by $1264, while oil prices will be dominated by OPEC news today. 

Oil barrels
Source: Bloomberg

Gold has to go over $1264

Once again gold has recovered from a dip, but now it needs to move above $1264 to maintain forward momentum. A failure to do so risks creating a new lower high, which would raise the prospect of a dip back to $1250 or lower.

However, the uptrend remains intact if $1245 holds.

Gold price chart

Brent awaiting the OPEC news

Dip buyers are still in favour, although much will depend on the outcome of the OPEC meeting today.

Brent needs a firm close below $52.56 to become truly bearish on the outlook, while a continuation of the current rally would carry the price to $56 and the downtrend line off the February highs. 

Brent price chart

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