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Technical analysis: key levels for gold and crude

Gold and oil will be a keeping a nervous eye on the dollar today, as the new Federal Reserve chairman appears in front of US lawmakers. 

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Gold holds key support yet again

We saw the rally yesterday knocked back, but once again gold defended the $1326 level.

As a result, the price moved higher overnight and has, so far today, held $1330. A close above $1338 and then $1341 would clear the way to $1346, $1358 and then $1368. As yesterday, a close below $1320 would be a bearish sign.

Brent pushes higher

Yesterday saw Brent consolidate above the 50-day simple moving average (SMA) at $66.87, but the rising trend from the February lows is intact.

A close below $65.70 would be negative in the short term, but as long as $64.12 holds, the trend remains positive overall. Upside targets are to be found at $66.86 and then $69.23.

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