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Technical analysis: key levels for gold and crude

Gold remains under pressure, while oil is unable to move above a key trendline. 

Gold bars
Source: Bloomberg

Gold pushes lower

Gold continues to hold above the 50-day simple moving average (SMA), but the sequence of lower highs and lower lows persists in intraday time frames.

From the current level, $1274, then $1267 and $1264 come into play. It will need a daily close back above $1300 to suggest a turn higher has begun.

Gold price chart

WTI still stuck below trendline

There still seems to be an inability to move above the downtrend line from the February highs for WTI.

A push below $50 would signal that a more substantial pullback has begun, that would target $49.40 and then $47.40. A daily close above $51 is needed to change the outlook here. 

WTI price chart

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