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Technical analysis: key levels for gold and crude

Gold has broken higher, while oil has dropped back from the highs of yesterday but is now pushing higher once again.

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Gold puts an end to its consolidation

The price of gold has broken out from the range that has dominated over the past week, moving above $1326.

Fresh targets now come into view at $1336, $1358 and then $1375. Dips should continue to find buyers, although a move below $1307 may be a bearish development. 

WTI sees a pullback, but a bullish trend remains

WTI has dipped towards the $63.00 level, pushing stochastics into oversold territory on the hourly chart.

Further support is possible at $62.56, while a continuation of gains would see the price head back to $64.50. 

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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.