Technical analysis: key levels for gold and crude

A stronger dollar has weighted on gold and oil, with the former’s rally from earlier in the week now under threat.

Gold continues to stumble

The nascent rebound is under threat for gold, as the price gives back most of the gains made since 23 April.

A move below the $1266 low would also see the price test rising trendline support from the August low. A close below $1265 would break below both horizontal and trendline support and opens the way to $1243. A rebound needs to clear $1285 to reignite the potential rally from the end of April.

Gold price chart

Gold price chart

WTI holds $63

Attempts at rallies this week have fizzled out for WTI, but the $62.50 zone continues to hold as support.

A close below $62.30 is needed to suggest more downside is at hand. For now we may see buyers defend $63.00 with a view to propelling the price back towards $65.00 and then on to $66.50.

WTI price chart

WTI price 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.