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Technical analysis: key levels for gold and crude

Gold has consolidated over the past two days, while oil continues to surge. 

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Gold holds key support

Gold fell back to the $1307-$1314 support zone, and is now moving higher.

From $1326, the high so far this month, we look for further gains in the direction of $1337 and $1356. A move below $1307 would be bearish, although only a drop below $1295 would really signal a change of direction.

WTI rally shows no sign of stopping

WTI leapt higher yesterday, moving above the 2015 highs.

The price remains overbought on the hourly chart, and while this does not suggest that a pullback is at hand, those waiting to buy the dips may wish to wait for a move back towards $62.

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This information has been prepared by IG, a trading name of IG Markets Limited and IG Markets South Africa Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. International accounts are offered by IG Markets Limited in the UK (FCA Number 195355), a juristic representative of IG Markets South Africa Limited (FSP No 41393). South African residents are required to obtain the necessary tax clearance certificates in line with their foreign investment allowance and may not use credit or debit cards to fund their international account.