Technical analysis: key levels for gold and crude

Gold looks to have found a short-term bottom, while oil has leapt higher following the OPEC meeting. 

Gold bounces from support

It looks like gold may have found a near-term bottom at $1264, bouncing firmly from this level.

Near-term areas to watch are $1286 and then $1295. A close below $1264 would mean that the next major support comes in at $1236.

WTI consolidates after Friday’s surge

The Organisation of the Petroleum Exporting Countries (OPEC) duly delivered an increase in output at its meeting, but only in line with expectations, thus giving WTI bulls the chance to push the price higher.

A move towards $72.88 and then the high from late May is the next development to watch. A close below $66.50 would mark the start of another move towards $64. 

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.