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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% 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. 69% 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 and WTI have been gaining ground of late. However, with both markets slowing in their ascent, there is a possibility we could see a breather in the recent upside moves.

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Gold starting to weaken once again

Gold is showing signs of weakness once more, following a rally through trendline resistance.

However, with the 200-day simple moving average (SMA) and $1217 swing high still to overcome, there is a chance we will see the price of gold turn lower again. Watch for the ability to break through the $1217 mark as a precursor to further upside, with a strong possibility of weakness until that occurs.

Gold price chart

WTI consolidates amid recent attempted recovery

WTI has been trying to break from its recent period of weakness, with the price rallying into $69.22 resistance. However, we need to see a break above $70.00 to really provide a bullish signal for the price of WTI.

A break below $68.19 would signal the potential for short-term downside, yet there is a chance that such a move would be a retracement of the rally from $63.97.

WTI price chart

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