Technical analysis: key levels for gold and crude

Gold is looking to post further gains above $1200, while oil’s breakout continues.

Gold price looking for bullish move

The price for gold continues to hold above $1200, so if this remains the case more upward pressure may begin to be seen.

A breakout above $1214 would mark a fresh bullish development, targeting the $1236 area, and the downtrend line from the April highs. A close below $1200 would be a worrying sign, and would bring support at $1180 and then $1160 into view.

WTI with bullish momentum

With WTI having broken through the downtrend line from the July highs, the price has restored the bullish outlook here.

A retracement towards the previous resistance line might find buyers, suggesting a dip to $68.40, and a move above $70.00 opens the way to $73.00 and $74.00. A move back below $68.00 would mark a bearish development, bringing the $64.00 support zone back into play.

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