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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

Fresh short-term highs for gold confirm the uptrend, while Brent is fighting to hold its temporary rally. 

Gold bars
Source: Bloomberg

Gold climbs higher

Having posted a new higher high yesterday, the steady grind higher goes on for gold.

A close below $1285 is needed to create a new lower low, and thus raise the prospect of a potential end to the rally. Further gains above $1300 will create a new higher high, and confirm that the rally is intact.

Brent suffers potential threat

The short-term uptrend for Brent from the lows of last week could be under threat, if the price drops below $63.00.

A further decline through Monday’s low of $62.73 would suggest we do have more weakness in store, with $62.39 being the next target. A rally and a breakout above $63.60 would signal a move back to the highs of early November, at $64.56. 

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