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CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved.

Technical analysis: key levels for gold and crude

Gold has pushed higher as investors look to safe havens, while oil is fighting to hold support after yesterday’s losses.

Oil barrels
Source: Bloomberg

Gold may find more buyers

A spot of risk-off sentiment in markets is invariably good for gold, and so it has proved this week. The metal is heading back to the $1290 zone from the end of last week, and a push above here would open the way to $1295 and then $1307.

A dip to $1270 brought out buyers yesterday, so pullbacks may continue to find buyers. A close below $1270 would bring $1264 back into play.

WTI returning to monthly highs

A sharp reversal yesterday for WTI found support at $55.00, so if this holds we look for a move back above $55.67 and then back to the highs of the month at $58.00.

Below $55.00, the $54.00 and $52.93 levels come into play. For now, bears will have to wait to see whether a rally encounters further selling and creates a new lower high. 

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