Technical analysis: key levels for gold and crude

The stronger dollar continues to hobble commodity prices, which suffered losses last week in a continuation of their 2018 downtrends.

Selling opportunity for gold

Rallies for gold continue to be sold here, as the bounce towards $1330 last week demonstrated.

Any bounce that fails to clear $1330 would likely be another selling opportunity. A move below $1307 brings the possibility of $1295 into view.

WTI looking to $60.00 support area

WTI finished out the week with a rally to the 50-day simple moving average (SMA) at $62.64, close to key resistance at $62.56.

On the four-hour chart, the price hit the descending trendline from the February high. If this holds, and if further declines come into play, then we look to the $60.00 area, which has held as support throughout March so far.

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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