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Technical analysis: key levels for gold and crude

Commodity prices remain under pressure, with little sign of a turnaround thus far. Chris Beauchamp ChrisB_IG
Market Analyst, London Source: Bloomberg

Gold potential for a bounce exists

There has certainly been little sign that the gold pullback is about to turn, but if the price can hold above the $1225 low from yesterday the potential for a bounce exists. Some resistance could be provided at $1239, but once above $1240 we could see bullish momentum accelerate.

Support is possible around the 100-day simple moving average (SMA) at $1221, but a move below here would suggest a move back to $1195, last seen in mid-March. gold chart WTI more losses should be on the way

The fall for WTI has been dramatic, with the short-term trend still undoubtedly bearish. The loss of $47.12 sends a signal that more losses should be on the way, although with oversold conditions prevailing a quick bounce cannot be ruled out. Now the next area to look for support is $42.81.

At present the bulls will need a big move, perhaps back above $48, to even suggest that we have a turnaround in place. WTI chart 
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