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

Technical analysis: key levels for gold and crude

Gold has held on to gains, while fresh bullish catalysts look to be building in oil. 

Gold bars
Source: Bloomberg

Gold

After the excitement of Friday we saw little movement yesterday. However, it looks like fresh moves higher will be on their way, as long as the dollar continues to weaken.

A move above $1250 is the first step here, which would clear the way to $1290 and then $1300. A renewed bearish push requires a close below $1200, the low from the final days of May for gold.

gold

Brent

It would still appear that the buyers are in charge, with fresh moves higher yesterday taking us back to the key $50.90 area for Brent.

A close above here ignites a move to $55, while dips should still see buyers.

Brent

WTI

The return to the $50 area indicates that buyers have taken charge again, and while the price remains in its long-term rising wedge there is, so far, little sign of any bearish momentum. A close above $50 targets $53.90 for WTI

WTI

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.