Technical analysis: key levels for gold and crude

Gold remains ensconced within a tight range, but oil is girding itself for another attempt to break $53.

No end to the sideways move in gold

The shift in gold's price action from relentless upward move to unending range-bound trading is quite something.

Rallies towards $1295 continue to hit a brick wall, and we are now seeing the price move back towards previous support around $1286. The range remains firmly in place until proven otherwise.

Gold chart

Gold chart

WTI tries to break $53

The price of WTI has been stymied at resistance, with several attempts to break $53.00 defeated.

However, the price is now above the 50-day simple moving average (SMA) of $51.49 for the first time since mid-October, providing a more bullish view. Yesterday’s dip towards $51.50 found buyers, so we look for follow-through today.

WTI chart

WTI chart


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. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer.

See an opportunity to trade?

Go long or short on more than 16,000 markets with IG Bank.

Trade CFDs on our award-winning platform, with low spreads on indices, shares, commodities and more.

Live prices on most popular markets

  • Forex
  • Shares
  • Indices
Bid
Offer
Updated
Change
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Bid
Offer
Updated
Change
Bid
Offer
Updated
Change
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.