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Technical analysis: key levels for gold and crude

Gold has rallied off its lows, while oil is dropping back from key resistance.

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

Gold sees strong buying once more

For the second time in a week gold has seen strong buying towards the close.

It still needs to hold above $1180, and then push on to clear $1200, but a weakening US dollar provides a potential buying opportunity here. 

WTI seeks to clear $52

The price touched $52 yesterday, before dropping back. It needs to clear $52 to maintain its upward move.

A failure to get back above $52 suggests a drop back to $49.50 in the first instance, and then down to $48. 

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