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Technical analysis: key levels for gold and crude

Gold’s decline continues, while crude oil looks set for another move higher.

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Gold looks set for more losses

Gains for gold yesterday failed to break back above $1246, previously strong support, with a new lower low being registered during the session.

A bounce needs to move above $1251, to suggest that a rebound is underway. A close below $1240 would open the way to $1214, the lows from May.

WTI rebounds from Tuesday low

WTI was knocked back from the highs of the day yesterday, but is attempting to recover.

A move above $58.58 would leave the $59.00 area in play as a potential target, and then on to $62.56. A turn lower will encounter support around $55.67 and then $55.00.

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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.