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

Technical analysis: key levels for gold and crude

Gold’s range has still not been broken, while oil refuses to break lower.

Oil barrels
Source: Bloomberg

Gold range continues

The range goes on here, so unless the current move higher can break $1265 and also the 200-day simple moving average, we could see it turn back to $1250. And, as before, the $1200 level would be the next target in a break lower, while a rally might head towards $1300. 

Gold price chart

Brent drift looks set to continue

So far over the past week or so dips towards $51.50 tend to be met with fresh buying, but there is little sign the drift back from $53.50 is likely to end. We need to see the price move back above $53 and then close above $54 to create a new solid high.

Brent crude price chart

WTI to test $52

Here $50 has prevented further downside, with the $49.50 level below it as the key area to watch. Now we wait to see if the price can move back to $52 in order to test this level; a break higher is needed to maintain forward momentum. 

WTI crude price chart

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 Bank S.A. 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.