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Technical analysis: key levels for gold and crude

Gold continues to be stuck below $1300, while oil could see fresh buying after yesterday’s pullback.

Chris Beauchamp ChrisB_IG
Chief Market Analyst, London

Publication date : 2017-08-22T09:00:48+0100

Gold figures

Source: Bloomberg

Gold still facing uncertainty

Gold’s price recovered from Friday’s drop, but remains unable to move above $1295.

Thus we continue to wait for a breakout above this level that will confirm the continuation of a trend, or whether a pullback towards $1275 is in the offing, that would bring it back to the trendline from the July lows.

Gold chart

Gold chart

Gold chart

WTI – awaiting to confirm whether further buying is on the way

A sharp drop from $49 still managed to hold above the lows of Friday, so now we will see if further buying materialises for WTI.

A close above $49 opens the way to $50.55, with the 200-day simple moving average (SMA) at $49.89 as potential resistance. A close below $46.71, the 50-day SMA, negates this outlook.

WTI chart

WTI chart

WTI chart

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