Technical analysis: key levels for gold and crude

Gold remains under pressure, while oil is unable to move above a key trendline. 

Gold bars
Source: Bloomberg

Gold pushes lower

Gold continues to hold above the 50-day simple moving average (SMA), but the sequence of lower highs and lower lows persists in intraday time frames.

From the current level, $1274, then $1267 and $1264 come into play. It will need a daily close back above $1300 to suggest a turn higher has begun.

WTI still stuck below trendline

There still seems to be an inability to move above the downtrend line from the February highs for WTI.

A push below $50 would signal that a more substantial pullback has begun, that would target $49.40 and then $47.40. A daily close above $51 is needed to change the outlook here. 

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.

Find an article

Find articles by writer