Technical analysis: key levels for gold and crude

Gold has fought to hold support in recent sessions, but oil has suffered along with equity markets. 

Gold continues to hold vital support

Gold recovered on Friday to hold above $1326, with the week as a whole seeing a strong defence of this level.

However, sellers are returning this morning, increasing the likelihood of a retest of the $1326 and $1320 levels. Below this, $1314 and $1307 come into play. A rally will need to clear $1333, and then breach the $1350 level.

WTI under heavy pressure

WTI suffered a sharp reverse on Friday, with little sign of a rebound today.

The price has opened below the 50-day simple moving average (SMA) at $62.60, with the 100-day at $61.34 next in sight, and then down to $60.74. A rally back above $62.56 would suggest another attempt to break $66.58. 

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.

Find articles by analysts