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Technical analysis: key levels for gold and crude

A rising channel in gold is guiding the price higher, while WTI has recovered from its mid-week fall. 

Oil
Source: Bloomberg

Gold still moving upwards

The price of gold continues to clamber higher, with a sequence of higher lows seen since the end of October. Now, the price needs to move above $1290 to confirm a breakout is in progress.

An ascending channel continues to hold sway, with a move above $1284 likely to target the $1290 zone. Rising support is possible around $1273.

Gold chart

WTI starts resuming climb above

The shakeout for WTI earlier in the week looks to be giving way to a resumption of the uptrend.

The price held at $55.00, so now a move back above $56.58 would target the high from last week at $58.00. 

WTI chart

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