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Technical analysis: key levels for gold and crude

Gold’s climb still continues, while WTI has bounced back despite signs of healthy US stockpiles.

Chris Beauchamp ChrisB_IG
Chief Market Analyst, London

Publication date : 2017-02-09T10:18:32+0000

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Source: Bloomberg

Gold price keeps mounting

There seems to be no stopping the gold rally. The price is heading back towards the $1245 high from yesterday’s session.

Dips should continue to be bought, with $1248, $1263 and then $1271 as the upside targets. It would take a move below the previous peak at $1220 to indicate a new move lower is in store.

Gold chart

Gold chart

Gold chart

WTI rallying as expected

Having been heavily sold down following Tuesday’s API inventory data, it is not surprising to see the Pricesmart Inc rally despite the EIA stockpiles figure.

The price is now flirting with the 50-day simple moving average again at $53.28, and while intraday the price is overstretched, and probably ripe for some profit-taking, on the daily chart it still looks as if a move back to $54 is on the cards.

WTI chart

WTI chart

WTI chart

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