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Technical analysis: key levels for gold and crude

The divergence in commodities continues, as oil rallies while gold continues to drift.

Chris Beauchamp ChrisB_IG
Chief Market Analyst, London

Publication date : 2018-07-02T09:50:03+0100

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Gold still not able to bounce

A late rally on Friday has merely provided an excuse for more selling for gold this morning, although the price has yet to breach the lows of last week around $1246.

Trendline support from the December 2015 low is rapidly coming into view, suggesting buying around $1244 may develop. A move above $1255, Friday’s high, would open the way to $1261.

Gold chart

Gold chart

Gold chart

WTI strong after new highs

Last week’s rally for WTI put the uptrend firmly back in play, confirming that dip buying is still the way to go here.

Intraday dips above $72.00 should continue to find buying, with a more bearish view in the short term requiring a move back below $70.00. A fresh move high targets $74.95.

WTI chart

WTI chart

WTI chart

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