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Technical analysis: key levels for gold and crude

Gold and oil are off the recent highs, but further gains should be expected. 

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Gold’s rally intact

The rally has stalled just below $1358, but pullbacks for gold should continue to find buyers.

Upside targets lie around $1358, $1361, and then $1366. Areas of possible support come in at $1346, $1337 and then $1326. The bullish view remains unless the price breaks back below $1320.

WTI eyes fresh highs

Since hitting its recent peak at $66.57, WTI has consolidated above $65.50.

Further gains above $66.58 put the price at a new high for the year. Support is possible around $64.82 and then $64.18.

The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication.

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