Technical analysis: key levels for gold and crude

Gold is looking to recover from a tough week, while oil is seeing steady buying above $68.

Gold fights to hold key support

The price suffered a sharp reverse last week, and gold looks to be headed lower once again.

The next stop is $1236 (vital support earlier in July) and if this breaks then $1213 and $1204 are the next areas to watch. A close above $1260 is needed to restore a more bullish outlook.

WTI steadies after falls

WTI fell back from a recent higher high last week, but the uptrend is still in place.

Buyers came in from around $68.00 last week, so if this holds then a move back to $73.00 is possible, with some potential resistance along the way at Friday’s high of $70.78. Below $68.00, the price will head back towards the $64.00 support zone. 

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