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Technical analysis: key levels for gold and crude

Gold is still stuck below resistance while oil’s fall shows no sign of abating.

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Gold tries to break resistance again

The rally of gold from the lows of mid-November is intact, but it has continued to find resistance around $1230.

A break above here targets $1236 and then on to $1241. Over the past week dips to $1220 have found support, so a close below this is needed to create a more bearish view.

Gold chart

WTI edges higher after more pummeling

Friday saw more declines for WTI as the price hit a fresh low for the year. Rallies continue to be sold here, so any bounce back towards $56 would be another selling opportunity.

There is much work to be done before a bottom is in, and so far there is no sign that the broader trend down has changed. Above $56 the price would head towards $58.

WTI chart

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