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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 shows no sign of stopping, while gold’s bounce off support continues.

Gold bars
Source: Bloomberg

Gold claws its way higher

Gold bulls have done their job, pushing the price away from the $1264 support zone. Further gains will target $1285 and $1290 in the short-term, and then on to the October peak at $1310.

It will be interesting to watch whether further intraday weakness is met by buying pressure. A bearish view requires a drop back below $1264.

Brent holds the highs

Fresh highs here for Brent yesterday confirm that the buyers are still in charge. A pullback to the $58.93 high would produce another buying opportunity.

Bears will find it hard to get much traction in this market unless the price moves back below $56.00, with the sequence of higher lows and higher highs firmly in place. 

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