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CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved.

Technical analysis: key levels for gold and crude

Gold and WTI are both in the hot seat, with the dollar weakness helping reverse recent losses. Could this be the beginning of a new bullish phase for commodities?

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Gold looks set for further upside

Gold has broken higher from a falling wedge formation, with the gains seen throughout the past fortnight looking likely to persist.

An hourly close above $1208 would provide greater confirmation of this bullish break, with $1217 the next major resistance level of note.

Gold price chart

WTI breaks through key resistance level

WTI has fleetingly moved past the $70.00 mark overnight, pointing towards a wider recovery for the market.

While we are likely to see a retracement at some point, further upside looks likely as long as we don’t see a break below the $68.19 swing low. Thus, any short-term downside could be seen as a good opportunity to get long WTI.

WTI price chart

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