Technical analysis: key levels for gold and crude

Gold continues to be hit by selling, while oil is aiming to consolidate its recent move higher.

Gold falters again

Gold is under pressure once again, with the price testing the 50-day simple moving average (SMA) at $1333. Further declines will challenge the bottom end of the current range, bringing $1326 and then $1314 into view.

With momentum oversold on the four-hour chart, a rebound may develop in the direction of $1338 and then $1346, but a longer-term rally requires a move above $1360 and then a daily close above $1366.

WTI consolidates after fresh highs

There was little stopping WTI last week, but the price has dropped back from its recent highs.

However, buyers have stepped in to hold the price above $68.00. A move below $67.00 would suggest a test of $66.58 and then $65.50.

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 an article

Find articles by writer