Technical analysis: key levels for gold and crude

Fresh sideways moves in gold are the order of the day, while oil is looking increasingly bearish in the short term.

Gold poised for a breakout

The price of gold remains in a narrow range, and indeed has formed a triangle between falling resistance and rising support.

A move above $1330 provides a positive break to the upside that brings $1333 and $1346 into view. Meanwhile, a drop below $1325 would indicate a deeper retracement, in the direction of $1300.

Gold chart

Gold chart

WTI drops back from overnight bounce

Losses this week found support around $55.00 for WTI, but the overnight rally has faltered, creating a lower high at $56.30.

A fresh decline would head towards $55.00, and below this $53.45 comes into view. A move back above $56.30 targets $58.00 and would mark a resumption of the broader move higher.

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.

Speculate on commodities

Trade commodity futures, as well as 27 commodity markets with no fixed expiries.

  • Wide range of popular and niche metals, energies and softs
  • Spreads from 0.3 pts on Spot Gold, 2 pts on Spot Silver and 2.8 pts on Oil
  • View continuous charting, backdated for up to five years

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.