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Technical analysis: key levels for gold and crude

Gold is attempting to break key resistance, while oil has fallen sharply following the OPEC meeting.

Chris Beauchamp ChrisB_IG
Chief Market Analyst, London

Publication date : 2017-05-26T09:42:26+0100

Oil pump

Source: Bloomberg

Gold still bullish

We have seen another surge to $1264 for gold, but so far the price continues to hold. Dips to the $1250 area this week continue to bring out the buyers, so until this changes we remain guardedly bullish.

Upside targets remain at $1280 and $1300, but only if we see a daily close above $1264.

Gold price chart

Gold price chart

Gold price chart

WTI losing ground

The post-OPEC fall yesterday wiped out all the gains made since last Thursday. For now WTI has found support at the rising trendline from the April 2016 lows, but this may just be a short-term retracement.

A recovery of $50 is needed to become more optimistic on the outlook. Further losses will head towards $47.12 and then the May low at $44.

WTI price chart

WTI price chart

WTI price chart

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