Technical analysis: key levels for gold and crude

Gold remains in a steady uptrend, while oil prices are fighting to recover after losses yesterday. 

Gold bullion
Source: Bloomberg


The price has drifted back from Wednesday’s high, but overall it looks like gold remains a ‘buy on weakness’ market. First line support comes in at $1340, Tuesday’s lows, while below this we look to $1310 and then $1308.

Given further dollar weakness we could see a push above $1375 (Wednesday’s high) and on to $1400.


So far, $46.50 continues to prevent further Brent crude downside, so any bounce from here heads towards $44.80 and then $51.

A break lower might suggest the price is heading towards the 200-day simple moving average at $42.71.


A sharp drop through the $46 support level tends to suggest that more weakness is ahead.

If the price can get back above $46 then the next area is the Thursday peak at $48, and then on to $49.50. Below the Thursday low of $45, the price will head towards $42.60. 

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.