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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 may be at a turning point, while oil has found support after a swift move lower.

Gold bars
Source: Bloomberg

Gold knocked back but finds support

Having been knocked back from $1220 gold has found support at $1197, but an overnight move higher has hit resistance at $1208. A failure to hold here could see a test of $1197 and then $1186, while the bulls need to get the price back above $1220 to secure the ground for a move to $1226 and $1246.

Gold price chart

WTI looking for gains

There seems little desire on the part of WTI to push below $52, so if this holds we could be looking at a move back towards $52.69 and then $53.10 in the short term. A bigger move would head towards $54 and then $56, while a break of $52 would target $51.54 and then $50.

WTI price chart

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