Technical analysis: key levels for gold and crude

Gold is on the way lower, but oil shows no sign of stopping.

Oil rig
Source: Bloomberg

Gold takes a turn lower

The price for gold finally looks to have broken the trading range, pushing down to support around $1180. A close below this opens the way to $1160.

It looks like the downtrend has resumed, with the repeated failure to break $1214 a signal that the sellers were regaining control.

WTI pushes higher

The uptrend from the August lows remains intact for WTI, although rallies above $72.40 have proved fleeting this week.

A retracement towards $70.00 would find support at the August rising trendline. Upside targets lie at $73.00 and $74.00.

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.

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