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Technical analysis: key levels for gold and crude

Gold has remained unable to push higher, while oil prices are stuck in a seemingly unbreakable range.

Oil rig
Source: Bloomberg

Gold buyers look for momentum

The past few days have seen the price fail to push on above $1220. Thus we could be seeing a bigger retracement, perhaps towards $1184 and then $1173 for gold.

Buyers will need to reignite upward momentum and recover the $1208 level, before pushing on to close above $1220 to confirm that there is more upside here.

WTI targets $54.43

The price sits in the middle of the range $52-$54.15, so there is no sign of an end to the rangebound trade that has dominated since early December.

Upside targets lie at $54.43 and then $55.63 while below the next targets, following a daily close below $52, would be $50.50 and then $49.29 for WTI.

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