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Technical analysis: key levels for gold and crude

Gold is fighting hard to hold key support, while, after a drop yesterday, oil is looking to rally.

Oil pump
Source: Bloomberg

Gold holds ground despite signs of an incoming sell-off

Friday’s low ($1220) in gold held yesterday despite signs of a heavy sell-off, but an overnight bounce has failed to move much beyond $1230. A fresh drop would need to break $1220 to open the way to $1208 and the potential for a bigger fall. The next targets to watch on the upside are $1233 and then $1245.

Brent appears to be rangebound

The price finds itself in the middle of the range, having bounced yesterday at $55.60. A push higher would target $57 and then $57.50.

Below $55.50 a move back to $54.50 and then $54 is possible. As with WTI, there is so far little sign of the range of the past two months being broken.

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