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Technical analysis: key levels for gold and crude

Gold has been given new momentum by news of fresh Chinese tariffs, but oil remains under pressure. 

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Gold surges on trade war news

Fresh China tariffs have sent gold flying, pushing back towards Monday’s high at $1345.

Above here, $1355 comes into view. Further losses below $1333 would bring into question the rising trend from last week’s low.

Gold chart

WTI aims to hold 50-day SMA

WTI continues to fight to hold the 50-day simple moving average (SMA) of $62.78.

A bounce from here would target the recent high at $66.58. Further declines bring $60.74 and then $60.00 into view. A move below $59.90 would endanger the series of higher lows seen since the summer. 

WTI chart

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