Skip to content

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved.

Technical analysis: key levels for gold and crude

Gold’s rally shows no sign of stopping, but WTI is still unable to break $54.

Gold bars
Source: Bloomberg

Gold continues to move up

While the straight-line move on the FTSE 100 seems to have ended, for gold it shows no sign of stopping. 

A dip towards $1209 has been met by buying, with a move back through yesterday’s highs at $1219 now looking likely. Longer-term targets in this rally are $1226 and $1246, with a bearish move needing a daily close below $1190.

WTI again fails to break $54

For the second time in a week WTI has failed to break $54, and a fresh drop in the early part of the session now suggests the $52.76 support level will be tested once again.

Below this in the short term lies $52.23 and then $51.48. Any rally would have to clear $54 to target $54.80 and then the peak from 3 January at $55.50. 

This information has been prepared by IG, a trading name of IG Australia Pty Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.

Find articles by writer