Technical analysis: key levels for gold and crude

Gold is headed towards key support, while oil remains in a firmly bullish trend.  

Gold returns to bottom of range

Gold is now back towards the bottom end of the range that has lasted all year, with the zone from $1308-$1314 continuing to act as support.

If this holds again then a move back towards $1340 and $1360 is possible. A close below $1308 is needed to suggest that the range has been broken.

WTI continues to drop

WTI has carried on dropping back from the $69.54 level, with $66.58 as the first line of possible support.

Below this, a deeper retracement to $62.56 is possible. A turn higher would head to $69.54 and then move on to $73.25. 

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