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Technical analysis: key levels for gold and crude

Both gold and oil seem poised for more gains after recoveries at the end of last week. 

Gold bulls aim for more after rebound

Thursday’s steep dive for gold was followed by steady buying on Friday, and more so far today.

A push above the 50-day simple moving average (SMA) at $1327 would open the way to $1337 and $1342. From Thursday’s price action we would argue that $1313 and $1307 constitute significant support.

WTI builds on strong end to the week

Thursday and Friday saw WTI defend the $60.74 level, moving below it but then recovering.

With this in place, a move back above $62.56 looks possible, and then on the $64.00 highs of last week. Above this, $66.58 comes into play. 

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