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Technical analysis: key levels for gold and crude

Gold is back on the bearish path of earlier this year, while oil’s attempt to break $70 has been firmly rebuffed.

Chris Beauchamp ChrisB_IG
Chief Market Analyst, London

Publication date : 2018-09-05T09:49:26+0100

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Gold’s decline moves up a gear

Gold’s price continues to drop back from the peak seen last week.

The next areas of support to watch are $1180 and then $1160. If the price can hold above $1180 then a higher low may be created as part of a trend from the low of August. This then brings $1205 and $1214 into play.

Gold chart

Gold chart

Gold chart

WTI knocked back from $70

Tuesday saw WTI rally through the $70.00 resistance zone, but then end the day below it, suggesting more near-term weakness is at hand.

One possible view is a retest of previous trendline resistance, which would now be support, around $68.30. Below $68.00 the overall outlook returns to short-term bearishness. A close above the $70.00 level is needed to reignite the bullish view.

WTI chart

WTI chart

WTI chart

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