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Technical analysis: key levels for gold and crude

Commodities have found fresh bullish momentum at the start of a new week.

Gold breaks out from previous action

The price has shot higher for gold, breaking out from the sideways action of the previous three sessions and finding support at $1326. 

A close above $1337 leads us on to $1346, $1358 and then $1366.

WTI breaks key resistance level

Little weakness has been seen for WTI since the lows of the month.

The price action of the past two sessions has seen the commodity recover the 50-day simple moving average (SMA) at $62.13, as well as break key resistance at $62.56. The next target is the January high at $66.58.

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