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Technical analysis: key levels for gold and crude

Gold has finally shaken itself from its torpor, while oil has recovered from the lows of last week.

Chris Beauchamp ChrisB_IG
Chief Market Analyst, London

Publication date : 2017-11-20T10:05:04+0000

Gold mining

Source: Bloomberg

Gold eyes new gains

The surge at the end of last week saw gold spike to the highest level in a month. A close above $1295 would open the way to $1307 and then $1326.

Having maintained a steady sequence of higher lows since early November, it would take a close below $1275 to create a new lower low.

Gold price chart

Gold price chart

Gold price chart

WTI looks to maintain momentum

The bounce from $55.00 gave dip-buyers a chance to hop on board the current uptrend for WTI. Although, if the price fails to push on back to $58.00, then we have a new lower high, a potentially bearish situation.

However, we would need to see a drop below $55.00 to create a new lower low. Below $55.00, and potential areas of support will be $54.05 and $52.93. Above $58.00, the price heads towards $62.56.

WTI price chart

WTI price chart

WTI price chart

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