Technical analysis: key levels for gold and crude

Gold bounced off the lows yesterday, while oil has recovered ahead of today’s OPEC news. 

Gold finds some support

Buyers have come in to defend the $1264 level, so we may see a rebound for gold, at least in the short term.

The first near-term target to watch is $1284. A close below $1264 opens the way to $1246 and $1239.

WTI clambers off the lows

WTI has climbed all week, with buyers defending the $64.00 level on Tuesday and Thursday.

Now, if the $66.60 resistance level can be broken, the price would target trendline resistance (previously support) at $67.40. A move below $64.00 would open the way to $61.84. 

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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