Technical analysis: key levels for gold and crude

Oil has moved higher ahead of OPEC later in the week, but a stronger dollar has not helped gold, despite widespread risk-off sentiment.

Gold claws its way higher

A small recovery has been seen here for gold, with $1286, $1291 and then $1295 the near-term targets.

A move back above the latter is needed to recover trendline support. Further declines would target $1264 and then $1246.

WTI rises on OPEC hopes

WTI bounced off support at $64.18, and is now looking to test $66.60.

From here, it would need to recover trendline support above $67.50 to suggest a more long-term bounce. The $72.88 level is the next big resistance level to watch. Below $64.00, the price will head to support at $61.84. 

This information has been prepared by IG, a trading name of IG Markets 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