Technical analysis: key levels for gold and crude

Gold has bounced but is still stuck below resistance, while oil’s month continues to get worse.

Gold tries to break above key resistance

Buyers have come in to push the price of gold back towards $1235, although a close above this level still eludes it.

Until such an event happens, the current trading range remains intact. Dips to $1215 continue to find buyers. A close above $1235 potentially opens the way to $1260.

WTI plunges to new depths

WTI dropped to its lowest level since mid-March overnight and remains close to this area.

The close below the $62.56 level could now see the rising trend from the July 2017 lows tested, around $60.00. In order to suggest a short-term bottom is in place, $63.00 and then $64.00 need to be breached to the upside.

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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