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Technical analysis: key levels for gold and crude

Gold is flying high, with oil in bullish form too, as 2018 gets underway. 

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No stopping gold rally

Gold’s surge has eerie parallels with the December 2016 bounce, which sparked off a strong move in the first six months of the year.

If the price succeeds in closing above $1307 today, then the way is clear to $1311, then $1337. If momentum falters, we look for a close back below $1295 to suggest a near-term top is at hand. 

WTI keeps up the pace

Oil’s run higher from the lows of 2017 continues, with $60.74 the new high to watch.

Support is possible around $59.00, and then at the 50-day simple moving average (SMA) at $57.42. 

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