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Technical analysis: key levels for gold and crude

The weaker dollar continues to give commodities room to rally, and both gold and oil are on the up once more.

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Gold breaks out of consolidation

Gold spent most of yesterday ranging between $1348 and $1358, but now appears to be breaking higher.

The next target is $1366, the high from 25 January. Support is possible around $1348, $1345 and then $1337.

WTI uptrend is revived

WTI came back to life yesterday, with the recovery above $60.74 being an encouraging sign for the bulls.

The upside targets to watch would be $62.56 and then $66.58. A turn lower could find support at $60.74, $59.02 and then $55.67.

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