Technical analysis: key levels for gold and crude

Oil is trying to make more gains, while gold is still under selling pressure following yesterday’s drop.

Gold takes another move lower

Further losses have been seen today, after gold's steep drop yesterday.

A fresh drop would head towards rising trendline support around $1204, while a rally back above $1215 would suggest that another attempt to break $1225 is possible, though a rally that finds resistance around $1220 would also suggest another selling opportunity.

WTI tiptoes higher

We have yet to see another wave of selling here for WTI, and the swift recovery from yesterday’s sell-off suggests that a possible bounce has further to go.

Above $53, the price will target $55 and then the $58 area. WTI has held $50 over the past four sessions, so a daily close beneath this would mark the beginning of a new leg lower.

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.

Find an article

Find articles by writer