Technical analysis: key levels for gold and crude

Gold and oil are both on the up this morning, recovering more of the ground lost in recent sessions. 

Gold bars
Source: Bloomberg

Gold makes further gains

Dollar weakness continues to propel gold higher, with the price now testing the $1290 area. A close above here would then signal a move towards $1314, putting a further dent in the downtrend from the September highs.

A reversal would test $1260 and then on down to $1240. 

Brent aims to push higher

Brent rebounded off the lows yesterday, and moved back above $55, meaning that the bulls will now be looking to take out the $57 high from last week.

A success here would open the way to the September peak at $59, while a drop below $55 opens the path to $54, and the 50-day simple moving average (SMA) at $53.81.

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