Technical analysis: key levels for gold and crude

Gold has managed to put in a more bullish show over the past few days, while oil’s small bounce still looks shaky.

Gold turns around again

Strong gains over the previous three sessions have seen gold recover much of the ground lost last week.

The pullback overnight may have created a possible buying opportunity, with the price targeting $1225 and then $1235. A move back below $1210 would mark a more bearish development.

WTI inches higher

While the price has managed to move higher over the past few days, each session has seen some late selling, causing WTI to finish well off the highs.

Dip buyers came in around $56.00, and we have seen higher lows on the intraday chart, but it is still not clear that the price has bottomed out. A move above $59.40 would provide further reassurance for the buyers, while a move back below $56.00 indicates that more selling is likely.

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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