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Technical analysis: key levels for gold and crude

A new 52-week low for oil comes as gold struggles to rebound from the lows of the week.

Chris Beauchamp ChrisB_IG
Chief Market Analyst, London

Publication date : 2018-11-14T10:01:22+0000

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Gold struggling above $1200

The price of gold bounced off the lows but has run into resistance around $1205.

Below $1195 the $1180 level comes into play. If the price can move back above $1205 then a higher low may have been created, providing a more bullish view.

Gold chart

Gold chart

Gold chart

WTI sinks to new 52-week low

Yet another steep decline for WTI has seen the price move from a three-year high in October to a 52-week low today.

At present, support levels are hard to find, and have been firmly ignored in the rout, but $52.93 and then $52.04 are the next ones to watch. A rebound looks like a distant prospect, but a first step in establishing a bottom would come from a move above $60.00, and then above the highs of the week at $62.00.

WTI chart

WTI chart

WTI chart

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