Technical analysis: key levels for gold and crude

Gold and oil remain under pressure, with momentum to the downside prevailing. 

Gold rally provides chance to sell

Momentum in gold has been weak since mid-January, and the rally this week was another selling opportunity.

The next targets are $1314, $1307 and then $1295. A barrier to further gains has been $1340, so a break above here is needed to clear the way to $1346 and then $1358.

Sellers remain in control for WTI

Over the past two weeks, WTI rallies here have been conclusively sold into, with the turn lower from $63 earlier this week no exception.

While a rebound is possible in the near term, overall it looks like the sellers remain in control, and we look for further declines towards $59 and then $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.

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