Technical analysis: key levels for gold and crude

Gold has continued its stronger run from the end of the week, although the picture still looks bearish, while oil is holding support for the time being.

Bearish rebound still intact

Gold’s rebound from last Thursday’s low continues, although it remains a possible selling opportunity if the price drops back below $1180.

A broader rally will challenge $1195, $1205 and then $1214. Even a move to $1240 would still be only a bearish rebound. The initial target for any renewed move lower is $1160, and then on down to $1126.

WTI builds on support

WTI’s support zone around $64.00 held last week, as it did back in May and June.

The first target is Friday’s high at $65.80, and from here trendline resistance at $67.00. Above this the trendline resistance from the July high comes into play around $69.00. 

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