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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 back to $1200 but is unable to move beyond it, while oil looks set to head back to $52.

Gold bars
Source: Bloomberg

Gold eyes $1200

Gold recovered the $1200 level overnight but is encountering difficulty holding on to this key area. A failure to push higher leaves the downtrend from $1220 intact, and we would look to $1174 and $1153 as first targets.

A push back above $1200 would be a positive sign, but the price will need to reclaim $1220 and then break higher to suggest that a fresh bullish move is underway.

WTI could see 10 December low

The steady push towards the $52 support level goes on, with a rally yesterday to $53.50 providing a fresh selling opportunity. It looks like the sellers remain in charge, so we now watch to see if they can break $52 and push on to the 10 December low below $51.50.

A bounce from $52 would suggest the trading range remains intact, with the possibility that the price now moves back towards the key $54 area for WTI.

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