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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

Oil has hit the top end of the range, at $54, while gold is looking for a catalyst to push back to $1220.

Oil storage tanks
Source: Bloomberg

Gold potentially targeting $1254

The price succeeded in breaking $1220 yesterday, but momentum faltered towards the end of the session. A recovery back to $1220 would show more gains are on the way, with a move higher targeting $1237 and then $1254. 

WTI buyers need to push through $54

The rally goes on, but now the buyers have to break $54, which would open the way to $55.20 and $56.17. The $54 area has proved to be a major hurdle, so weakness here could suggest a move back to the bottom end of the range at $52. 

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