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Technical analysis: key levels for gold and crude

A stronger dollar has not held back oil, but it has helped to stop gold from moving back above $1200.

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Gold still unable to move above $1200

Small declines have taken gold back below $1195, but the $1190 area has continued to hold as support.

This then suggests a move back towards $1205 and $1214, with a break of the latter opening the way to trendline resistance from the April high. Further falls bring $1180 and then $1160 into view.

Gold chart

WTI back above resistance

WTI has broken back above trendline resistance from the June high, so now we look to see if it can push through the $70.00 area that held back progress in August.

A move lower targets the lows of last week, around $66.70, and then down to $64.00

WTI chart

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