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Technical analysis: key levels for gold and crude

Gold and crude rallied off the lows last week, but both are failing to maintain that momentum this morning.

Chris Beauchamp ChrisB_IG
Chief Market Analyst, London

Publication date : 2018-03-12T10:04:29+0000

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Gold turns lower from previous recovery

Gold’s rally last week to $1340 was met by heavy selling, and despite a recovery off the lows on Friday, it looks like the commodity will turn lower once again.

Fresh resistance has developed around $1325, so a test of $1314 and then $1307 could be on the way, A close above $1330 might signal another attempt to break $1340.

Gold chart

Gold chart

Gold chart

WTI creates new lower high

Selling the rallies has been the approach here for three weeks now, since WTI faltered at $64.00.

A new lower high has been created, as the price rallied off Friday’s lows, but further declines will target $60.00, then $59.00, and then $58.00. A close above $62.30 would bring $63.00 and $64.00 into play.

WTI chart

WTI chart

WTI chart

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