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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’s rally on Friday failed to restore the uptrend, while oil prices are once again falling back below key resistance.

Gold bars
Source: Bloomberg

Gold price drops after falter in rally

The rally here stumbled last week, with the price falling back from the first weekly resistance pivot at $1245. Friday saw a rally fizzle out at $1235, creating a new lower high. Now the bears need to see Friday’s low around $1220 broken and a new low created.

If this does transpire, we look to $1208 and then $1196. Buyers need to retake $1235 and then move on to challenge resistance at $1245. 

WTI fails to hold above $54 again

Yet again a push above $54 has run out of steam, so a move towards the 200-hour simple moving average at $53.53 could be seen today. If this fails to hold as support then it looks like we will see a fresh move back to $52.

Sellers have done a good job holding back gains above $54, with a breakout above $54.60 needed to really unlock further upside. 

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