Over 40 years’ heritage
185,800 clients worldwide
Over 15,000 markets

Technical analysis: key levels for gold and crude

After the bounce of last week, oil prices are in full retreat this morning. 

Oil plant
Source: Bloomberg

Gold attempts to rally
After three days of consolidation last week, gold is trying to move higher once again. Moves above $1105 last week ran into a brick wall, so the price will need to clear this to suggest a challenge of $1110 is on the cards.

Above here the price will head towards the 200-day SMA at $1133. A move back down would test support around $1093 and then on towards $1084.

Gold

Brent slumps
As with indices, oil has moved lower this morning after a strong rally at the tail-end of last week. Having been heavily overbought on the intraday charts this move is to be expected, with support for Brent crude coming in around $30.18. A move higher targets $32.82 and then on to $33.23 and $34.28.

Brent crude

WTI follow suit
The same can be said here, and while the move has been dramatic this morning there is a possibility of support around $30.41. Below this the price targets $28.56 and then $27.60. Any move back above $32 would head towards $33.22 and then $34.20. 

US light crude

The information 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 and as such is considered to be a marketing communication.