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Technical analysis: key levels for gold and crude

The strong end to last week for gold has carried over into the early part of this week, but oil has fallen back after gapping up over the weekend.

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Gold’s breakout continues

The price for gold continues to punch its way towards the $1236 area, which acted as both support and resistance during the summer.

Dips towards $1214 have found buyers for the time being, with $1205 and $1199 as additional potential support.

WTI surrenders early gains

WTI gapped higher this morning, but we are seeing some weakness as the session continues.

Further declines target the $70.34 level, and then below this $67.24 comes into view. Above $72.20, the $72.88 level comes in as potential resistance.

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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.