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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

Buyers continue to propel gold higher, while oil is looking to follow through on Thursday’s spike. 

Gold
Source: Bloomberg

Gold likely to move higher

Yesterday’s dip was met by fresh buying, confirming the strength of gold to move higher. A move through $1326 leaves the price free to head towards the $1350 area.

Dips should still be viewed as buying opportunities, unless we see the price drop back below $1280. 

Gold price chart

WTI bullish outlook negated

Yesterday’s spike higher for WTI has yet to be followed by more bullish momentum. Indeed, the failure at $47.50 makes the outlook less encouraging.

A move upwards and back above $47.50 would leave the way clear to test $49.40. A close below $46.00 negates the bullish outlook.

us oil price chart

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