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Technical analysis: key levels for gold and crude

Gold is back above $1200 and looks poised for more gains, while oil has recovered thanks largely in part to dollar weakness. 

Oil pump
Source: Bloomberg

Gold eyes $1237

Gold’s recovery above $1200 restores the bullish outlook, and now we look to see if the price can clear $1220.

A break of $1220 opens the door to $1237 and then $1254, while bears will need to reverse the move and get the price back below $1200 and then down below $1174. 

WTI could move to $54

Yesterday’s recovery at $53 indicates that the price may be poised for a move back to the top end of the range at $54, with $53.80 providing some resistance on the way.

A downward move needs to break $52.80 and then $52.60 for WTI

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