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Technical analysis: key levels for gold and crude

Gold continues to look like it is about to move higher, but oil’s drop yesterday points toward more downside. 

All trading involves risk. Losses can exceed deposits.
Gold bars
Source: Bloomberg

Gold comfortably high

Gold has stabilised above $1220, and with further momentum we can expect a move above $1229 and then to $1254.

Dips should continue to be bought, with possible support at $1210. A reversal below $1200 is needed to put the price back on a bearish trajectory.

Gold price chart

WTI descending

The WTI drop back yesterday from the lower high confirms the bears are still in control.

We now need to see a push back below $47.50 to suggest further downside and create a new lower low. However, as long as the price remains below $50, it looks like further losses are in store here. 

WTI price chart

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