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Technical analysis: key levels for gold and crude

The steady gains in gold and oil continue, marking a significant change from the bearish outlook of the past few weeks. 

Gold mining
Source: Bloomberg

Gold pushing up

The recovery from Monday’s volatility continues for gold, with a push back above $1250. The next area to watch will be $1260, where gains stalled on Monday, with a push through this likely to see the metal test $1264 and then $1270.

As earlier in the week, it needs a daily close below $1240 to make the outlook more bearish.

WTI bouncing back after last night’s volatility

API figures last night provided a dose of volatility in WTI, but so far this morning we are seeing the upward trend off the lows of last week maintained.

A push above $44.50 would leave the way clear for a test of $45 and then $46.70. A drop back below $42.80 would be required to suggest the current bounce is at an end. 

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