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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

Technical analysis: key levels for gold and crude

Gold seems to be losing momentum, while oil has run into a key downtrend line.

Oil barrels
Source: Bloomberg

Gold looking to break through $1315

Gold's attempt to rally off the lows has now been twice hindered at $1335, and now we look to see if the bears can maintain this to break the $1315 low from earlier in the week.

This would open the way to $1307 and then to $1295. Above $1335 the price could contemplate a move to $1358 and the highs from earlier in the week. 

WTI downtrend continues

The attempt of WTI to push on above $50.50 yesterday was defeated. As a result we look to see if the price will continue the turn lower, as the downtrend from the February highs reasserts itself.

Below $49.40 and the way would be clear for another drop towards $47.00 and lower. A close above $51.00 would negate the downtrend and suggest a sustained push to $52.00 and higher. 

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