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Technical analysis: key levels for gold and crude

Gold has managed to put in a more bullish show over the past few days, while oil’s small bounce still looks shaky.

Chris Beauchamp ChrisB_IG
Chief Market Analyst, London

Publication date : 2018-11-19T10:02:49+0000

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Gold turns around again

Strong gains over the previous three sessions have seen gold recover much of the ground lost last week.

The pullback overnight may have created a possible buying opportunity, with the price targeting $1225 and then $1235. A move back below $1210 would mark a more bearish development.

Gold chart

Gold chart

Gold chart

WTI inches higher

While the price has managed to move higher over the past few days, each session has seen some late selling, causing WTI to finish well off the highs.

Dip buyers came in around $56.00, and we have seen higher lows on the intraday chart, but it is still not clear that the price has bottomed out. A move above $59.40 would provide further reassurance for the buyers, while a move back below $56.00 indicates that more selling is likely.

WTI chart

WTI chart

WTI chart

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