Technical analysis: key levels for gold and crude

Both gold and oil are looking to rally after recent declines. 

Gold aims for a recovery

Gold has managed to bounce back above $1337, with the rising 100-period simple moving average (SMA) on the four-hour chart ($1335) acting as support.

Further gains back above $1350 would target the peak from last week at $1366. Below $1335, the $1326 and $1307 levels come into play. 

WTI dip buyers emerge

Losses for WTI over the past three sessions have carried the price below $64.00.

However, it would take a move below $62.78 to create a new lower low. Until this happens, the buyers still have the advantage. Upside targets include $64.82, and then $66.58. 

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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