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Technical analysis: key levels for gold and crude

Gold remains almost unchanged ahead of key speeches from Yellen and Draghi, while oil has held $47 and looks poised to move higher. 

Oil pump
Source: Bloomberg

Gold waits for news from Jackson Hole

The drift continues for gold, as markets await any catalyst from Jackson Hole. Dips to $1284 continue to find buyers, but so far there is no sign of a move above $1300.

We will have to wait for a definitive break of this range to see what might transpire next week.

WTI defends $47

Although the WTI price has steadily declined through August, yesterday saw yet another defence of the area around $47.

The bullish outlook persists, unless the price takes out $46.50, with $49, $49.40 and then $50.50 the upside targets to watch. 

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