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Technical analysis: key levels for gold and crude

Gold has been unable to move above $1200, while the sellers have been hitting oil hard.

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Gold struggling to touch $1200

A close above $1200 still eludes gold, with another attempt yesterday bringing out the sellers.

A move below $1195 would mark a bearish development for the move higher of the past three days, while further drops would test $1190 and the higher low seen as part of the move higher from the August low. A close above $1214 is needed to provide a breakout for the commodity.

Gold chart

WTI thrown back below trendline

Declines in WTI continue, and with the price below the downtrend line from the July high, further bearish momentum may develop.

A move above $68 could restore the bullish outlook, targeting $70, the zone of resistance that has held back progress since the end of July.

WTI chart

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