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Technical analysis: key levels for gold and crude

Dollar strength seems to have gone for the gold rally, but oil continues to find buyers.

Oil pipes
Source: Bloomberg

Gold bears take control

Gold has, it seems, given up the ghost and now looks set for further losses. Having failed to hold $1300 over the past two weeks, the price now looks to be headed to the $1256 lows from the beginning of the month.

Intraday rallies will likely continue to meet selling pressure even up to $1290. A close above $1300 is needed to reverse the negative outlook. 

WTI keeps on rising

The price for WTI is building on Friday’s bounce to push higher, so further gains should challenge $52.50 and then $53.00.

Dips back to $51.00 should continue to find buyers in the short-term, while a deeper retracement would find buyers at $50.50 and then $49.50.

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