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Technical analysis: key levels for gold and crude

The stronger dollar continues to hobble commodity prices, which suffered losses last week in a continuation of their 2018 downtrends.

Chris Beauchamp ChrisB_IG
Chief Market Analyst, London

Publication date : 2018-03-19T09:46:45+0000

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Selling opportunity for gold

Rallies for gold continue to be sold here, as the bounce towards $1330 last week demonstrated.

Any bounce that fails to clear $1330 would likely be another selling opportunity. A move below $1307 brings the possibility of $1295 into view.

Gold price chart

Gold price chart

WTI looking to $60.00 support area

WTI finished out the week with a rally to the 50-day simple moving average (SMA) at $62.64, close to key resistance at $62.56.

On the four-hour chart, the price hit the descending trendline from the February high. If this holds, and if further declines come into play, then we look to the $60.00 area, which has held as support throughout March so far.

WTI price chart

WTI price chart

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