Technical analysis: key levels for gold and crude

Oil prices have eased as OPEC considers allowing states to increase output.

Gold stuck in a range

Consolidation continues here for gold, with the price holding above $1285 but unable to move on above $1295.

A break of one of these is required to establish a new direction, but overall with the price still stuck in a downtrend from the April high, any rally that fails to move back above $1326 could still be a fresh selling opportunity.

WTI falls on OPEC news

WTI prices have weakened slightly as the Organisation of the Petroleum Exporting Countries (OPEC) mulls reducing output caps in response to the ongoing rally, but the overall uptrend remains intact.

Dips towards $70.00 will likely remain buying opportunities, with a move below this and then through $69.54 the real signal that the current bullish run has ended. 

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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