Technical analysis: key levels for gold and crude

The attritional warfare in gold continues, as the price remains stuck in a range, but oil is once again moving higher.

Source: Bloomberg

Gold bulls hold $1264

Dips for gold towards $1264 continue to bring out the buyers, but rallies keep running out of steam below $1285.

Until this is broken, ideally with a close above $1290, the range-bound trade is likely to persist.  A close below $1264 would open the way to $1246. 

WTI pushes higher again

The advantage for WTI lies firmly with the bulls, as the price surges once more.

One note of caution is the current wide gap between the price and the 50-period simple moving average (SMA) on the four-hour chart. We may see this reverse, but any dip that holds above $53 remains a buying opportunity.

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.

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